22 August 2018

Analog Devices reinstates share repurchase program; increases authorization by $2bn

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Analog Devices Inc of Norwood, MA, USA (which provides mixed-signal ICs for cable access) says that it has reinstated its share repurchase program, and that its board of directors has authorized the firm to repurchase an additional $2bn of its common stock.

Analog Devices commenced its common stock repurchase program in fiscal year 2004. Since then, it has repurchased about $5.4bn of its common stock.

The announcement “reflects our confidence in ADI’s strong performance and the successful execution of our strategy,” says president & CEO Vincent Roche. “We have achieved our 2x leverage ratio goal ahead of plan, allowing us to enhance our capital returns to shareholders through both our quarterly dividend and share repurchases,” he adds. “Our goal is to continue delivering broad revenue growth and generate strong cash flow to enable us to invest in the business, grow our capital returns, and deliver shareholder value for years to come.”

Under the reinstated share repurchase program, the firm may repurchase outstanding shares of its common stock from time to time on the open market or through privately negotiated transactions. ADI’s management will determine the timing and amount of shares repurchased.

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