Investor Relations

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    Financial Results


    Quarterly Highlights

    • Revenue: $602 million
    • Gross Margin: 65.4% GAAP (67.2% excluding special items)
    • EPS: $0.57 GAAP ($0.63 excluding special items)
    • Cash, cash equivalents, and short term investments: $2.74 billion
    • Fiscal first quarter revenue outlook: $555 million to $595 million
    • Quarterly dividend increased 9% to $0.36 per share
    • New share repurchase authorization: $1 billion

    SAN JOSE, CA.-- July 20, 2017 -- Maxim Integrated Products, Inc. (NASDAQ:MXIM) reported net revenue of $602 million for its fourth quarter of fiscal 2017 ended June 24, 2017, a 4% increase from the $581 million revenue recorded in the prior quarter, and a 6% increase from the same quarter of last year.

    Tunc Doluca, President and Chief Executive Officer, commented, "The June quarter marked the third consecutive quarter in our return to year-over-year growth, led by double-digit increases in Industrial and Automotive. Through solid execution in our manufacturing strategy, we exceeded our profitability targets and demonstrated strong earnings power and cash flow growth.” Mr. Doluca continued, “Today, we are announcing a 9% increase in our dividend, reflecting our continued commitment to return cash to shareholders and confidence in our long-term outlook.”

    Fiscal Year 2017 Fourth Quarter Results

    Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the June quarter was $0.57. The results were affected by pre-tax special items which primarily consisted of $13 million in charges related to acquisitions and $3 million in charges related to restructuring activities. GAAP earnings per share, excluding special items was $0.63. An analysis of GAAP versus GAAP excluding special items is provided in the last table of this press release.

    Cash Flow Items

    At the end of the fourth quarter of fiscal 2017, total cash, cash equivalents and short term investments were $2.74 billion, an increase of $589 million from the prior quarter. Notable items included:

    • Cash flow from operations: $237 million
    • Gross capital expenditures: $13 million
    • Bond offering: $496 million
    • Dividends: $93 million ($0.33 per share)
    • Stock repurchases: $76 million

    Business Outlook

    The Company’s 90-day backlog at the beginning of the September 2017 quarter was $389 million. Based on the beginning backlog and expected turns, our results for the September 2017 quarter are forecasted to be as follows:

    • Revenue: $555 million to $595 million
    • Gross Margin: 63% to 66% GAAP (65% to 68% excluding special items)
    • EPS: $0.48 to $0.54 GAAP ($0.52 to $0.58 excluding special items)

    Maxim Integrated's business outlook does not include the potential impact of any special items related to restructuring activity, acquisitions, or other business combinations that may be completed during the quarter.

    Dividend and Share Repurchase

    Our Board of Directors approved a 9% increase in the quarterly dividend and a new share repurchase authorization of $1 billion. A cash dividend of $0.36 per share will be paid on September 14, 2017, to stockholders of record on August 31, 2017.

    Financial Statements

    For further information and disclosures, please see Maxim's press release.

    $784 Million

    TTM Free Cash Flow at 34% of Revenue

    Analyst Coverage

    Firm Analyst
    Bank of America Merrill Lynch (US) Arya, Vivek
    Barclays Capital Inc. Curtis, Blayne P.
    Bloomberg Ho, Woo Jin
    BMO Capital Markets (Canada) Srivastava, Ambrish
    B. Riley & Co., LLC Ellis, Craig A.
    Citi Investment Research (US) Danley, Christopher
    Cleveland Research Company Rottinghaus, Kevin G.
    Credit Suisse Securities (USA) LLC Pitzer, John W.
    Deutsche Bank Securities Inc. Seymore, Ross C.
    Drexel Hamilton Acree, Cody
    Evercore ISI Institutional Equities Muse, Christopher J.
    Goldman Sachs & Company, Inc. Hari, Toshiya
    Jefferies LLC Lipacis, Mark J.
    J.P. Morgan Securities LLC Sur, Harlan L.
    KeyBanc Capital Markets McConnell, Michael C.
    Loop Capital Van Hees, Betsy
    Macquarie Pajjuri, Srini
    MKM Partners Roy, Ruben
    Morgan Stanley & Co. LLC Hettenbach, Craig M.
    Morningstar, Inc. (Research) Colello, Brian
    Oppenheimer & Co. Inc. Schafer, Richard E.
    RBC Capital Markets Wealth Management Daryanani, Amit J.
    Stifel, Nicolaus & Company, Inc. Svanberg, Tore E.
    SunTrust Robinson Humphrey, Inc. Stein, William S.
    UBS Securities LLC Chin, Steven
    Wells Fargo Securities, LLC Wong, David M.

    Contact Investor Relations

    Kathy Ta Vice President, Investor Relations 408-601-5697
    Mike Chu Director, Investor Relations 408-601-3370

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