Analog Devices Plans Accelerated Repurchases, Revises 4Q Guidance
08 Settembre 2021 - 12:58PM
Dow Jones News
By Matt Grossman
Analog Devices Inc. said it plans to buy back shares through
accelerated repurchase agreements, and updated its guidance for its
results for the fiscal fourth quarter.
The Wilmington, Del.-based maker of electronics components said
late Tuesday it will repurchase $2.5 billion of stock through the
accelerated stock repurchase programs. The company said it will
receive 12.2 million shares on Sept. 9, which will represent about
80% of the expected repurchases under the agreements.
The buybacks fall under the company's current repurchase
authorization, which has about $10 billion remaining, Analog
Devices said.
Analog Devices also raised its fourth-quarter revenue guidance
while slightly reducing its adjusted earnings estimate. The company
said it now expects to post quarterly revenue of $2.3 billion, plus
or minus $70 million. It forecast adjusted earnings per share of
$1.69, plus or minus nine cents.
In August, Analog Devices had forecast fourth-quarter revenue of
$1.78 billion, plus or minus $70 million, and adjusted earnings per
share of $1.72, plus or minus 11 cents.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
September 08, 2021 06:43 ET (10:43 GMT)
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