Autos and Industrials Driving Growth at Maxim
Maxim Integrated Products, Inc. reported net revenue of $581 million for its third quarter of fiscal 2017 ended March 25, 2017, a 5% increase from the $551 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, "Our strong growth in the March quarter enabled us to exceed our revenue and profitability targets. This momentum was led by Automotive and Industrial growth relative to the March quarter of last year." Mr. Doluca continued, "Our return to growth and strong profitability confirms that our R&D investment strategy and manufacturing transformation are on track and delivering great results."
Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the March quarter was $0.49. 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 $0.56.
At the end of the third quarter of fiscal 2017, total cash, cash equivalents and short term investments were $2.16 billion, an increase of $69 million from the prior quarter. Notable items included: Cash flow from operations: $221 million; Gross capital expenditures: $8 million; Dividends: $93 million ($0.33 per share); and Stock repurchases: $57 million.
The Company's 90-day backlog at the beginning of the June 2017 quarter was $382 million. Based on the beginning backlog, expected turns, and the start of the transition to sell-in revenue accounting for distribution, our results for the June 2017 quarter are expected to be as follows: Revenue of $590 to $630 million (including $15 to $20 million for sell-in transition); Gross Margin of 63% to 65% GAAP (65% to 67% excluding special items); EPS of $0.54 to $0.60 GAAP ($0.59 to $0.65 excluding special items).