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    Financial Results

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    Quarterly Highlights

    • Revenue: $557 million
    • Gross Margin: 64.0% GAAP (64.8% excluding special items)
    • EPS: $1.33 GAAP ($0.57 excluding special items)
    • Fiscal first quarter revenue outlook: $510 million to $550 million
    • Quarterly dividend increased 4% to $0.48 per share

    SAN JOSE, CA.-- July 30, 2019 -- Maxim Integrated Products, Inc. (NASDAQ:MXIM) reported net revenue of $557 million for its fourth quarter of fiscal 2019 ended June 29, 2019, a 3% increase from the $542 million revenue recorded in the prior quarter, and a 12% decrease from the same quarter of last year.

    “Our June quarter results met our expectations, while we lowered both internal and distribution channel inventory. Given the soft business environment, we will continue to tightly manage inventory and spending in the September quarter,” said Tunc Doluca, President and Chief Executive Officer. “Today, we are announcing a 4% increase in our dividend, reflecting our commitment to return cash to shareholders and confidence in our long-term outlook.”

    Fiscal Year 2019 Fourth Quarter Results

    Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the June quarter was $1.33, which benefitted from a $204 million tax reserve release. GAAP earnings per share, excluding special items was $0.57. 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 2019, total cash, cash equivalents and short-term investments were $1.9 billion, flat from the prior quarter. Notable items included:

    • Cash flow from operations: $237 million
    • Capital expenditures: $31 million
    • Dividends paid: $125 million ($0.46 per share)
    • Stock repurchases: $102 million

    Trailing twelve months free cash flow was $793 million. 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 2019 quarter was $391 million. Based on the beginning backlog and expected turns, our results for the September 2019 quarter are forecasted to be as follows:

    • Revenue: $510 million to $550 million
    • Gross Margin: 62% to 64% GAAP (63% to 65% excluding special items)
    • EPS: $0.45 to $0.51 GAAP ($0.46 to $0.52 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 4% increase in the quarterly dividend. A cash dividend of $0.48 per share will be paid on September 13, 2019, to stockholders of record on August 29, 2019.

    Financial Statements



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

       

    $793 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
    Mike Chu Director, Investor Relations 408-601-3370 Michael.Chu@maximintegrated.com

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