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    Financial Results

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    Quarterly Highlights

    • Revenue: $562 million
    • Gross Margin: 65.2% GAAP (66.1% excluding special items)
    • EPS: $0.59 GAAP ($0.61 excluding special items)
    • Fiscal fourth quarter revenue outlook: $480 to $540 million

    SAN JOSE, CA.-- April 28, 2020 -- Maxim Integrated Products, Inc. (NASDAQ:MXIM) reported net revenue of $562 million for its third quarter of fiscal 2020 ended March 28, 2020, a 2% increase from the $551 million revenue recorded in the prior quarter, and a 4% increase from the same quarter of last year.

    “Our test operations were impacted in the last two weeks of the March quarter as precautionary measures were implemented to protect employees against the spread of COVID-19. However, solid execution by our manufacturing resulted in March quarter financials within the range of our guidance,” said Tunc Doluca, President and Chief Executive Officer. “Looking ahead to the June quarter, we expect our manufacturing operations will run at less than full capacity as we continue to safeguard employee health and expedite product shipments for our Medical customers. We anticipate revenue declines in Automotive and Consumer products, and sequential growth in Industrial as well as Communications and Data Center.”

    Fiscal Year 2020 Third Quarter Results

    Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the March quarter was $0.59. The results were affected by $7 million in pre-tax special items which primarily consisted of charges related to acquisitions and expenses related to COVID-19 response programs. GAAP earnings per share, excluding special items was $0.61. An analysis of GAAP versus GAAP excluding special items is provided in this press release.

    Cash Flow Items

    At the end of the third quarter of fiscal 2020, total cash, cash equivalents and short-term investments were $1.7 billion, down $97 million from the prior quarter. Notable items included:

    • Cash flow from operations: $210 million
    • Capital expenditures: $17 million
    • Dividends paid: $129 million ($0.48 per share)
    • Stock repurchases: $157 million

    Trailing twelve months free cash flow was $744 million. Free cash flow is a non-GAAP measure and is defined by cash flow from operations less capital expenditures.

    Business Outlook

    The Company’s 90-day backlog at the beginning of the June 2020 quarter was $509 million. Based on the beginning backlog, expected turns and constraints on our manufacturing operations, our results for the June 2020 quarter are forecasted to be as follows:

    • Revenue: $480 to $540 million
    • Gross Margin: 64.5% to 66.5% GAAP (65.5% to 67.5% excluding special items)
    • EPS: $0.40 to $0.54 GAAP ($0.43 to $0.57 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 $0.48 per share will be paid on June 12, 2020, to stockholders of record on May 28, 2020.

    Financial Statements



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

    $744 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
    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
    Evan Wang Senior Manager, Investor Relations 408-601-5451 evan.wang@maximintegrated.com
    Eric Chow Manager, Investor Relations 408-601-3982 eric.chow@maximintegrated.com

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