5 Must-Watch Earnings Reports

3. Analog Devices, Inc. (NASDAQ: ADI)

Number of Hedge Fund Holders: 62

Analog Devices, Inc.’s (NASDAQ: ADI) history dates back to 1965 when two MIT graduates Ray Stata and Matthew Lorber founded the company in their shared apartment. Today, it is a leading manufacturer of precision performance electronic equipment such as high-performance analog and integrated circuits.

The company recently announced third-quarter earnings and revenue above expectations, mainly driven by improved gross margins. Analog Devices reported earnings of $1.35 per share for the three months ended July 31, well above 97 cents per share in the same period last year.

On an adjusted basis, earnings increased to $1.72 per share, ahead of the consensus forecast of $1.62 per share. Total revenue for the quarter jumped nearly 21 percent to $1.76 billion, surpassing analysts’ average estimate of $1.71 billion.

Praising the results, CEO Vincent Roche said, “ADI delivered record revenue and earnings for the second consecutive quarter with continued gross and operating margin expansion. All markets increased sequentially with our Industrial and Automotive segments once again achieving records. Robust bookings across all end markets, combined with lean inventories and ongoing capacity additions will enable us to close this year on a high note and continue to grow into fiscal 2022.”

Looking forward, Analog Devices expects adjusted earnings of $1.72 per share, +/-11 cents, for the fourth quarter. Moreover, it is anticipating Q4 revenue of $1.78 billion, +/-$70 million.