Analog Devices, Inc. (NASDAQ:ADI) Q3 2024 Earnings Conference Call August 21, 2024 10:00 AM ET
Company Participants
Michael Lucarelli - Vice President, Investor Relations and FP&A
Vincent Roche - Chief Executive Officer and Chair of the Board of Directors
Richard Puccio - Executive Vice President and Chief Financial Officer
Conference Call Participants
Tore Svanberg - Stifel
Joseph Moore - Morgan Stanley
Vivek Arya - Bank of America Securities
Timothy Arcuri - UBS
Toshiya Hari - Goldman Sachs
Stacy Rasgon - Bernstein Research
Christopher Danley - Citigroup
Harlan Sur - JPMorgan
Joshua Butler - TD Cowen
Operator
Good morning. And welcome to the Analog Devices ' Third Quarter Fiscal Year 2024 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, Kevin. And good morning, everybody. Thanks for joining our third quarter fiscal 2024 conference call. With me on the call today, ADI's CEO and Chair, Vincent Roche; ADI’s CFO, Richard Puccio. For anyone who missed the release, you can find it in relating financial schedules and investor.analog.com.
Onto the disclosures, 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 our periodic reports and other materials follow the SEC. Actual results could differ materially from the forward-looking information, as these statements reflect our expectations only as a date of this call. We undertake no obligation to update the statements except as required by law. Revenue, adjusted gross margin, operating and non-operating expenses, operating margin, tax rate, EPS and free cash flow in our comment today will be on non-GAAP basis, which excludes special items. When comparing our results to historic performance. Special items are also excluded from prior periods. Reconciliation of these non-GAAP measures to most directly comparable GAAP measures and additional information about our non-GAAP measures are included in today's release.
And with that, I'll turn it over to ADI's CEO and Chair, Vince?
Vincent Roche
Thanks very much, Mike, and a very good morning to you all. The stronger demand for a high-performance product portfolio and skillful execution resulted in third quarter revenue of more than $2.3 billion, operating margin north of 41%, and EPS of $1.58. All above the midpoint of our outlook. These favorable results, combined with improved customer inventory levels and order momentum across most of our markets, increase my confidence that our second quarter marked the cyclical bottom for ADI. My optimism remains guarded, however, as challenging economic and geopolitical conditions are limiting a sharper recovery. We continue to balance near-term fiscal discipline with strategic investment in our long-term growth initiatives, positioning ADI to capitalize on the extraordinary opportunities that we see ahead.