10:27 AM EST, 11/26/2024 (MT Newswires) -- Analog Devices ( ADI ) on Tuesday reported better-than-expected fiscal fourth-quarter results, buoyed by a rebound in orders for the automotive market and a double-digit revenue gain in the consumer segment.

The chipmaker's adjusted earnings came in at $1.67 per share for the quarter ended Nov. 2, down from $2.01 the year before, but ahead of the FactSet-polled consensus of $1.64. Revenue dropped 10% to $2.44 billion, topping Wall Street's view for $2.41 billion.

"After a brief decline in overall bookings during our third quarter, orders picked up steadily throughout the fourth quarter, particularly in the automotive end market," Chief Financial Officer Richard Puccio said in a statement. The stock advanced 2.6% in Tuesday trading.

The industrial segment revenue tumbled 21% year-over-year to $1.07 billion, while automotive dipped 2% to $717 million. Consumer sales jumped 31% to $379.7 million, while communications revenue fell to $275.6 million from $336.2 million.

Gross margin slid by 260 basis points to 58% during the quarter. Total operating expenses fell to almost $846.7 million from $1.01 billion year-over-year, according to the semiconductor manufacturer.

"(Analog Devices' ( ADI )) revenue, profitability, and earnings per share all finished above our guided midpoint, underscoring continued business momentum and solid execution," Chief Executive Vincent Roche said. "While unprecedented customer inventory headwinds drove a historic revenue decline during fiscal 2024, we maintained operating margins north of 40%, which is a testament to our business model's resilience."

For the ongoing quarter, the company anticipates adjusted EPS of $1.53, plus or minus $0.10. The Street is looking for non-GAAP EPS of $1.57. Revenue is pegged at $2.35 billion, plus or minus $100 million, while analysts' current forecast is for $2.36 billion.

"While macro uncertainty continues to limit the pace of our recovery, we remain cautiously optimistic for a strong growth year in fiscal 2025," Puccio said.

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