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    Financial Results

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    Quarterly Highlights

    • Revenue: $542 million
    • Gross Margin: 62.8% GAAP (63.8% excluding special items)
    • EPS: $0.47 GAAP ($0.52 excluding special items)
    • Fiscal third quarter revenue outlook: $540 million to $580 million

    SAN JOSE, CA.-- April 30, 2019 -- Maxim Integrated Products, Inc. (NASDAQ:MXIM) reported net revenue of $542 million for its third quarter of fiscal 2019 ended March 30, 2019, a 6% decrease from the $577 million revenue recorded in the prior quarter, and a 16% decrease from the same quarter of last year.

    Tunc Doluca, President and Chief Executive Officer, commented, “Our March quarter results met our expectations and end market demand appears to have stabilized. Looking ahead to the June quarter, we expect a return to seasonality in Industrial and Automotive, with both end markets trending up sequentially from the soft March quarter. Our profitability remains at industry-leading levels in this cycle due to our flexible manufacturing structure and overall business model.”

    Fiscal Year 2019 Third Quarter Results

    Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the March quarter was $0.47. The results were affected by $7 million in pre-tax special items which primarily consisted of charges related to acquisitions. GAAP earnings per share, excluding special items was $0.52. 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 third quarter of fiscal 2019, total cash, cash equivalents and short-term investments were $1.90 billion, a decrease of $62 million from the prior quarter. Notable items included:

    • Cash flow from operations: $207 million
    • Capital expenditures: $21 million
    • Dividends paid: $126 million ($0.46 per share)
    • Stock repurchases: $117 million

    Adjusted trailing twelve months free cash flow was $899 million, which excludes a one-time tax payment of $178 million in the fourth quarter of fiscal 2018. Free cash flow is a non-GAAP measure and is defined by net cash flow from operations less capital expenditures.

    Business Outlook

    The Company’s 90-day backlog at the beginning of the June 2019 quarter was $399 million. Based on the beginning backlog and expected turns, our results for the June 2019 quarter are forecasted to be as follows:

    • Revenue: $540 million to $580 million
    • Gross Margin: 63% to 66% GAAP (64% to 67% excluding special items)
    • EPS: $0.53 to $0.59 GAAP ($0.54 to $0.60 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

    A cash dividend of $0.46 per share will be paid on June 14, 2019, to stockholders of record on May 30, 2019.

    Financial Statements



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

       

    $899 Million

    TTM Free Cash Flow at 38% 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
    Citi Investment Research (US) Danely, Christopher
    Credit Suisse Securities (USA) LLC Pitzer, John W.
    Cowen Equity ResearchRamsay, Matthew D.
    Deutsche Bank Securities Inc. Seymore, Ross C.
    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 Vinh, John
    Loop Capital Markets Acree, Cody
    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.
    Raymond James Caso, Christopher
    RBC Capital Markets
    Steves, Mitch
    Stifel, Nicolaus & Company, Inc. Svanberg, Tore E.
    SunTrust Robinson Humphrey, Inc. Stein, William S.
    Susquehanna Rolland, Christopher 

    Contact Investor Relations

    Kathy Ta Vice President, Investor Relations 408-601-5697 Kathy.Ta@maximintegrated.com
    Mike Chu Director, Investor Relations 408-601-3370 Michael.Chu@maximintegrated.com

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