Analog Devices, Inc. (NASDAQ:ADI) Q3 2023 Earnings Conference Call August 23, 2023 10:00 AM ET
Company Participants
Michael Lucarelli - VP, IR and FP&A
Prashanth Mahendra-Rajah - CFO
Vincent Roche - CEO & Chair of the Board of Director
Conference Call Participants
Tore Svanberg - Stifel
Vivek Arya - Bank of America Securities
Ambrish Srivastava - BMO
Stacy Rasgon - Bernstein
Chris Danely - Citi
Harlan Sur - JPMorgan
Toshiya Hari - Goldman Sachs
Josh Buchalter - TD Cowen
Operator
Good morning, and welcome to the Analog Devices Third Quarter Fiscal Year 2023 Earnings Conference Call, which is being audio webcast via telephone and over the web.
I'd like to now introduce your host for today's call, Mr. Michael Lucarelli, Vice President of Investor Relations and FP&A. Sir, the floor is yours.
Michael Lucarelli
Thank you, Michelle, and good morning, everybody. Thanks for joining our third quarter fiscal '23 conference call. With me on the call today are ADI's CEO and Chair, Vincent Roche; and ADI's CFO, Prashanth Mahendra-Rajah. For anyone who missed the release, you can find it and relating financial schedules at investor.analog.com. on to the disclosures.
The information we're about to discuss includes forward-looking statements, which are subject to certain risks and uncertainties as further described in our earnings release, and other periodic reports and other materials filed with the SEC. Actual results could differ materially from the forward-looking information, as these statements reflect our expectations only at the date of this call. We undertake no obligation to update these statements except as required by law. Our comments today will also include non-GAAP financial measures, which exclude special items. We are comparing our results to our historical performance, special items are also excluded from prior periods.
Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures and additional information about our non-GAAP measures are included in today's earnings release.
And with that, I'll turn it over to ADI's CEO and Chair, Vincent Roche. Vince?
Vincent Roche
Thank you, Mike, and a very good morning to you all.
ADI executed well in the third quarter and delivered results within our expectations despite the challenging operating environment. Revenue was nearly $3.1 billion, led by growth in our Industrial and Automotive markets once again. Gross margin remained strong, above 72%, operating margin was nearly 48% and EPS was $249 million. This continued profitability reflects our portfolio's resilience as well as the innovation premium that it commands.