Upcoming AWS Coverage on Skyworks Solutions Post-Earnings Results

LONDON, UK / ACCESSWIRE / December 2, 2016 / Active Wall St. announces its post-earnings coverage on Analog Devices, Inc. (NASDAQ: ADI). The company released its financial results for the fourth quarter fiscal 2016 (Q4 FY16) and full year 2016 (FY16) on November 22, 2016. The Norwood, Massachusetts-based company reported quarterly revenue growth of 3% y-o-y, outperforming market consensus estimates. Register with us now for your free membership at: http://www.activewallst.com/register/.

One of Analog Devices' competitors within the Semiconductor - Integrated Circuits space, Skyworks Solutions, Inc. (NASDAQ: SWKS), reported on November 03, 2016 fourth fiscal quarter and year-end results for the period ending September 30, 2016. AWS will be initiating a research report on Skyworks Solutions in the coming days.

Today, AWS is promoting its earnings coverage on ADI; touching on SWKS. Get our free coverage by signing up to:

http://www.activewallst.com/registration-3/?symbol=ADI

http://www.activewallst.com/registration-3/?symbol=SWKS

Earnings Reviewed

During Q4 FY16, Analog Devices' revenue rose to a record $1.00 billion from $978.72 billion recorded at the end of Q4 FY15. Total revenue numbers for the reported quarter outperformed consensus market expectations by $942.6 million.

The semiconductor manufacturer's GAAP net income totaled $296.16 million, or $0.95 diluted per share, in Q4 FY16 compared to $96.31 million, or $0.30 per share, in the year ago same quarter. Non-GAAP net income for Q4 FY16 came in at $1.05 diluted per share versus $1.03 per share in the year ago quarter. Furthermore, the quarterly non-GAAP net income per share beat market expectations of $0.90 per diluted share.

For FY16, the company's revenue was $3.42 billion, relatively a flat growth from $3.44 billion in the year ago same period. GAAP net income for FY16 came in at $861.66 million, or $2.76 per diluted share, compared to $696.88 million, or $2.20 per diluted share, in FY15. Additionally, non-GAAP diluted net income for FY16 stood at $3.07 per share compared to $3.17 in the previous year's comparable period.

Operating Metrics

For the three months ended on October 29, 2016, the company reported GAAP gross margin of $666.69 million, or 66.4% of revenue, compared to $641.80 million, or 65.6% of revenues, in Q4 FY15. The company's non-GAAP gross margin for Q4 FY16 improved to $668.73 million, or 66.6% of revenues, from $643.20 million, or 65.7% of revenues, in the prior quarter.

During the reported quarter, GAAP operating margin came in at $356.98 million, or 35.6% of revenues, versus $108.63 million, or 11.1% of revenues, in the last year quarter. Non-GAAP operating margin for Q4 FY16 stood at $382.23 million, or 38.1% of revenues, which was above $351.38 million, or 35.9% of revenues, in the previous year's comparable quarter.

Segment Performance

During Q4 FY16, Industrial segment's revenue totaled $396.35 million, up 8% from $367.41 million in Q4 FY15. Furthermore, the segment reported a flat revenue growth during FY16 which came in at $1.50 billion compared to $1.49 billion in FY15.

Automotive segment contributed $141.54 million to total revenue during Q4 FY16, up 7% from $132.25 million in the last year's comparable quarter. During FY16, the segment's revenue growth was 3% y-o-y and stood at $540.94 million.

Analog Devices' Communications segment reported revenues of $171.70 million in Q4 FY16 compared to $174.69 million for the same period last year. The segment's FY16 revenues came in at $690.16 million versus $684.44 billion in FY15.

In Q4 FY16, Consumer segment's revenue fell 7% to $294.04 million from $317.69 million in Q4 FY15. Furthermore, the segment's annual revenue was also down by 6% to $688.29 million in FY16 from $729.86 million in FY15.

Cash Flow and Balance Sheet

In the reported quarter, Analog Devices' net cash provided by operating activities totaled $486.98 million compared to $197.98 million in the previous year's comparable quarter. Adjusted free cash flow for the quarter came in at $445.76 million versus $375.84 million in Q4 FY15.

As of October 29, 2016, the company had cash and short-term investments balance of $4.06 billion compared to $3.03 billion, at the close of books on October 31, 2015. The company recorded long-term debt of $1.73 billion as on October 29, 2016, compared to $495.34 million at October 31, 2015.

Dividend and Share Repurchases

Analog Devices' Board of Directors declared a cash dividend of $0.42 per outstanding share of common stock. The dividend is payable on December 13, 2016, to stockholders of record at the close of business on December 02, 2016.

During FY16, the company returned $883 million to its shareholders in the form of share repurchases and dividend payments.

Outlook

In its earnings guidance for Q1 FY17, Analog Devices anticipates revenue to be in the range of $840 million to $900 million. Non-GAAP gross margin is forecasted to lie between 65.5% and 66.0% of revenues. Additionally, non-GAAP diluted EPS for Q1 FY17 is estimated to be $0.68 per share to $0.78 per share.

Stock Performance

On Thursday, December 01, 2016, the stock closed the trading session at $69.01, tumbling 7.04% from its previous closing price of $74.24. A total volume of 5.52 million shares have exchanged hands, which was higher than the 3-month average volume of 2.69 million shares. Analog Devices' stock price rallied 9.12% in the last month, 10.06% in the past three months, and 20.22% in the previous six months. Furthermore, since the start of the year, shares of the company have surged 28.25%. The stock is trading at a PE ratio of 24.99 and has a dividend yield of 2.43%.

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SOURCE: Active Wall Street