Benzinga | Sep 8, 2021 06:23AM EDT

Analog Devices Unleashes $2.5B Accelerated Share Repurchase, Raises Q4 Revenue Outlook

* Analog Devices Inc (NASDAQ:ADI) forged multiple accelerated share repurchase (ASR) agreements to repurchase up to $2.5 billion of shares.

* The company plans to complete ASR agreements under its current share repurchase authorization, with $10 billion remaining.

* Analog Devices raised its Q4 revenue guidance from $1.71 billion - $1.85 billion to $2.23 billion - $2.37 billion, versus the consensus of $2.26 billion. The new guidance reflects synergies from the Maxim Integrated Products, Inc acquisition.

* The company reduced the Q4 adjusted EPS outlook from $1.61 - $1.83 to $1.60 - $1.78 against the consensus of $1.65.

* Price Action: ADI shares closed higher by 0.51% at $163.27 on Tuesday.