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    Financial Results

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    Quarterly Highlights

    • Revenue: $649 million
    • Gross Margin: 65.4% GAAP (67.2% excluding special items)
    • EPS: $0.68 GAAP ($0.73 excluding special items)
    • Fiscal fourth quarter revenue outlook: $610 million to $650 million (See Business Outlook section)

    SAN JOSE, CA.-- April 26, 2018 -- Maxim Integrated Products, Inc. (NASDAQ:MXIM) reported net revenue of $649 million for its third quarter of fiscal 2018 ended March 31, 2018, a 4% increase from the $623 million revenue recorded in the prior quarter, and a 12% increase from the same quarter of last year.

    Tunc Doluca, President and Chief Executive Officer, commented, “We are pleased with our performance in the March quarter. Compared to the same quarter last year, revenue grew strongly, driven by our power management products in Consumer, Automotive and Industrial with continued solid profitability.” Mr. Doluca continued, “Looking forward, we continue to expect significant growth drivers in Automotive, Industrial and Data Center.”

    Fiscal Year 2018 Third Quarter Results

    Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the March quarter was $0.68. 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 $0.73. 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 third quarter of fiscal 2018, total cash, cash equivalents and short term investments were $2.72 billion, a decrease of $99 million from the prior quarter. Notable items included:

    • Cash flow from operations: $223 million
    • Capital expenditures: $17 million
    • Dividends paid: $118 million ($0.42 per share)
    • Stock repurchases: $128 million

    Trailing twelve months free cash flow was $843 million. Free cash flow is a non-GAAP measure and is defined by net cash flow from operations less gross capital expenditures.

    Business Outlook

    The Company’s 90-day backlog at the beginning of the June 2018 quarter was $436 million. Based on the beginning backlog and expected turns, our results for the June 2018 quarter are forecasted to be as follows:

    • Revenue: $610 million to $650 million
    • Gross Margin: 64% to 66% GAAP (66% to 68% excluding special items)
    • EPS: $0.62 to $0.68 GAAP ($0.67 to $0.73 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 $0.42 per share will be paid on June 14, 2018, to stockholders of record on May 31, 2018.

    Financial Statements



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

    $843 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.
    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 
    Wells Fargo Securities, LLC Wong, David M.

    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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