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Analog Devices, Inc. has submitted its 10-K filing for the fiscal year ended November 2, 2024.
The filing includes financial statements showing a decrease in revenue to $9,427,157,000 from $12,305,539,000 in the previous year, attributed to weaker macroeconomic trends, particularly in the Industrial and Communications end markets.
The company reported a gross margin of 57.1%, down from 64.0% the previous year, primarily due to lower factory utilization and unfavorable product mix.
Research and development expenses decreased to $1,487,863,000 from $1,660,194,000, primarily due to lower employee-related variable compensation expenses.
Selling, marketing, general and administrative expenses decreased to $1,068,640,000 from $1,273,584,000, mainly due to lower compensation expenses and discretionary spending.
Amortization of intangibles decreased to $754,784,000 from $959,618,000, as a portion of acquired intangible assets became fully amortized.
The company recorded net special charges of $37,258,000, down from $160,710,000, primarily due to decreased charges related to restructuring plans.
Operating income decreased to $2,032,798,000 from $3,823,112,000, due to the decline in revenue and gross margin.
Nonoperating expense increased to $255,458,000, mainly due to higher interest expense and lower net gains from other investments.
The provision for income taxes was $142,067,000, with an effective tax rate of 8.0%, reflecting lower statutory tax rates in foreign jurisdictions.
Net income for the year was $1,635,273,000, down from $3,314,579,000, with diluted earnings per share of $3.28, compared to $6.55 in the previous year.
The company had $2.4 billion in cash, cash equivalents, and short-term investments as of November 2, 2024, with $1.3 billion held in the United States.
Capital expenditures for the year were $730.5 million, with expectations for fiscal 2025 to be between 4% and 6% of revenue.
The Board of Directors declared a cash dividend of $0.92 per share, payable on December 20, 2024, totaling approximately $456.6 million.
The company continues to focus on its strategic priorities, including efficient use of capital, deepening customer-centricity, and capitalizing on secular trends.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Analog Devices Inc. annual 10-K report dated November 26, 2024. To report an error, please email earnings@qz.com.