Analog Devices, Inc. (NASDAQ:ADI) stock rose 1.05% (As on August 18, 11:54:25 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the third quarter of FY 22. In the third quarter industrial, the most diverse and profitable end market, hit another all-time high and represented 50% of growth. Automotive, which represented 21% of revenue, achieved another record, increasing 28% year-over-year. The better mix of higher-content premium vehicles, combined with the growth engines of BMS, GMSL, A2B and better value capture is driving the outsized growth versus SAAR. Communications, which represented 16% of revenue, achieved a quarterly record, with strong year-over-year growth in both wireless and wireline. Sequentially, wireline outpaced wireless with growing demand for the optical and power portfolios as carriers and hyperscalers invest to meet the ever-growing demand for data.  Consumer represented 13% of revenue. Gross margin was 74.1%, up 250 basis points year-over-year, driven by higher utilization, favorable mix and synergy capture. OpEx in the quarter was $747 million, which reflects a full quarter of higher-than-normal merit increases. Operating margin increased 650 basis points year-over-year, finishing at 50.1%. The company ended the quarter with over $1.5 billion of cash and equivalents. For cash flow, CapEx for the quarter was $165 million and $526 million over the trailing 12 months, just under 5% of revenue. The company has generated over $3.7 billion of free cash flow or 34% of revenue. Included in the free cash flow are onetime deal-related costs which amount to about 3% of revenue.

ADI in the third quarter of FY 22 has reported the adjusted earnings per share of $2.52, beating the analysts’ estimates for the adjusted earnings per share of $2.43, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue of $3.11 billion in the third quarter of FY 22, beating the analysts’ estimates for revenue of $3.06 billion.

Additionally, the company has declared a quarterly cash dividend of $0.76 per outstanding share of common stock. The dividend will be paid on September 8, 2022 to all shareholders of record at the close of business on August 30, 2022.

For the fourth quarter ending in October, Analog Devices expects its per-share earnings to range from $2.47 to $2.67. Analysts surveyed by Zacks had forecast adjusted earnings per share of $2.50.

The company expects revenue to be in the range of $3.05 billion to $3.25 billion for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $3.11 billion.