By Sam Boughedda
Analog Devices (NASDAQ:ADI) shares jumped Tuesday after the company posted fiscal fourth-quarter earnings, topping analyst expectations.
The company posted adjusted earnings per share of $2.73, $0.15 better than the analyst estimate of $2.58, with revenue for the quarter coming in at $3.25 billion versus the consensus estimate of $3.16B.
The company said all markets grew sequentially during the quarter, resulting in its seventh consecutive quarter of record revenue.
In addition, ADI's Chief Executive and Chair, Vincent Roche, stated that "while the economic backdrop continues to cause demand uncertainty," the company is "well-positioned in the near-term with stabilizing orders, a strong backlog, and continued design win momentum."
“ADI has successfully navigated many business cycles over our nearly six-decade history, and today, our business is more resilient than ever. We have increased our scale and diversification, added more manufacturing agility, and fortified our customer brand," he added.
Looking ahead, the company sees fiscal Q1 earnings between $2.50 and $2.70 per share, above consensus expectations of $2.41, with revenue expected to be between $3.05B and 3.25B, versus the consensus of $3.04B.
Analog Devices also declared a quarterly cash dividend of $0.76 per share.
At the start of Tuesday's session, ADI shares rose more than 3%. However, the stock is down 6% in 2022.