Analog Devices Revises Revenue Guidance for Fiscal First Quarter 2016
ADI is forecasting non-GAAP gross margin of approximately 62% in the first quarter compared to its original forecast due to an inventory reserve associated with the updated revenue outlook. The company expects its non-GAAP gross margin to return to its model range in the second fiscal quarter of 2016.
Non-GAAP operating expenses in the first quarter are expected to decline
significantly to
Non-GAAP net interest expense in the first quarter is expected to be
approximately
Management will discuss the company's first quarter 2016 financial
results on its call with investors scheduled for
Revised Outlook for the First Quarter of Fiscal
Year 2016
The following statements are based on
current expectations, and as indicated, are presented on a GAAP and
non-GAAP basis. These statements are forward-looking and actual results
may differ materially, as a result of, among other things, the important
factors discussed at the end of this release. These statements supersede
all prior statements regarding the company's business outlook set forth
in prior ADI news releases, and ADI disclaims any obligation to update
these forward-looking statements.
GAAP | Non-GAAP Adjustments | Non-GAAP | |
Revenue |
|
- |
|
Gross Margin | approx. 62% |
|
approx. 62% |
Operating Expenses |
approx. |
|
approx. |
Interest & Other Expense |
approx. |
3.0 million(2) |
approx. |
Tax Rate | approx. 10% |
|
approx. 13% |
Earnings per Share |
|
|
|
1. Reflects estimated adjustments for amortization of purchased intangible assets and depreciation of step up value on purchased fixed assets.
2. Debt extinguishment related costs.
3. Represents estimated impact due to reinstatement of R&D tax credit.
4. Represents estimated impact of expenses associated with non-GAAP adjustments on a per share basis.
About
This release may be deemed to contain forward-looking statements
intended to qualify for the safe harbor from liability established by
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, among other things, our statements
regarding our expected revenue, earnings per share, gross margin,
operating expenses, interest and other expense, tax rate, and other
financial results for the first quarter of fiscal 2016, expected
operating leverage, production and inventory levels, expected
market trends, and expected customer demand and order rates for our
products, that are based on our current expectations,
beliefs, assumptions, estimates, forecasts, and projections about our
business and the industry and markets in which
View source version on businesswire.com: http://www.businesswire.com/news/home/20160114006354/en/
Mr.
781-461-3491
(fax)
Treasurer and Director of Investor Relations
investor.relations@analog.com
Source:
News Provided by Acquire Media