Maxim Integrated Products (MXIM) Tops Q3 EPS by 1c, Revenues Miss; Offers 4Q Revenue Guidance Below Consensus
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Maxim Integrated Products (NASDAQ: MXIM) reported Q3 EPS of $0.59, $0.01 better than the analyst estimate of $0.58. Revenue for the quarter came in at $567.92 million versus the consensus estimate of $562.23 million.
"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."
GUIDANCE:
Maxim Integrated Products sees 4Q EPS of $0.43-$0.57, versus the consensus of $0.53. Maxim Integrated Products sees 4Q revenue of $480-540 million, versus the consensus of $547.59 million.
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.
For earnings history and earnings-related data on Maxim Integrated Products (MXIM) click here.
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