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    Financial Results

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    Quarterly Highlights

    • Revenue: $633 million
    •  
    • Gross Margin: 66.1% GAAP (68.0% excluding special items) 
    •  
    • EPS: $0.68 GAAP ($0.73 excluding special items)
    •  
    • Fiscal first quarter revenue outlook: $615 million to $655 million
    •  
    • Quarterly dividend increased 10% to $0.46 per share

    SAN JOSE, CA.-- July 26, 2018 -- Maxim Integrated Products, Inc. (NASDAQ:MXIM) reported net revenue of $633 million for its fourth quarter of fiscal 2018 ended June 30, 2018, a 2% decrease from the $649 million revenue recorded in the prior quarter, and a 5% increase from the same quarter of last year.

    Tunc Doluca, President and Chief Executive Officer, commented, “We are pleased with our June quarter results. Our power management franchise in Automotive and Industrial is producing sustainable and profitable growth.” Mr. Doluca continued, “This execution against our strategy is resulting in strong and predictable cash flows, which support our industry-leading dividend and stock repurchase plans. Today, we are announcing a 10% increase in our dividend, reflecting our continued commitment to return cash to shareholders and confidence in our long-term outlook.” 

    Fiscal Year 2018 Fourth Quarter Results

    Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the June quarter was $0.68. The results were affected by $12 million in pre-tax special items which primarily consisted of charges related to acquisitions. GAAP earnings per share, excluding special items was $0.73. 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 2018, total cash, cash equivalents and short-term investments were  $2.63 billion, a decrease of $98 million from the prior quarter. Notable items included:

    • Cash flow from operations: $147 million
    • Capital expenditures: $12 million
    • Dividends paid: $117 million ($0.42 per share)
    • Stock repurchases: $128 million

    Adjusted trailing twelve months free cash flow was $932 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 September 2018 quarter was $441 million. Based on the beginning backlog and expected turns, our results for the September 2018 quarter are forecasted to be as follows:

    • Revenue: $615 million to $655 million
    • Gross Margin: 65% to 67% GAAP (66.5% to 68.5% excluding special items)
    • EPS: $0.67 to $0.73 GAAP ($0.72 to $0.78 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

    Our Board of Directors approved a 10% increase in the quarterly dividend. A cash dividend of $0.46 per share will be paid on September 13, 2018, to stockholders of record on August 30, 2018.

     

    Financial Statements



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

       

    $932 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
    B. Riley & Co., LLC Ellis, Craig A.
    Citi Investment Research (US) Danely, Christopher
    Credit Suisse Securities (USA) LLC Pitzer, John W.
    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 McConnell, Michael C.
    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 Wealth Management Daryanani, Amit J.
    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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