ADI Analog Devices Inc

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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