MaxLinear (NYSE: MXL) reported Q4 EPS of $0.16, in-line with the analyst estimate of $0.16. Revenue for the quarter came in at $70 million versus the consensus estimate of $70.06 million.

Non-GAAP basis:

• Non-GAAP gross margin was 64.6%. This compares to 63.1% in the prior quarter, and 62.7% in the year-ago quarter.
• Non-GAAP operating expenses were $30.0 million, or 43% of revenue, compared to $30.8 million or 38% of revenue in the prior quarter, and $36.7 million or 42% of revenue in the year-ago quarter.
• Non-GAAP income from operations was 22% of revenue, compared to 25% in the prior quarter, and 21% in the year-ago quarter.
• Non-GAAP diluted earnings per share was $0.16, compared to diluted earnings per share of $0.23 in the prior quarter, and diluted earnings per share of $0.20 in the year-ago quarter.

Management Commentary

“In the fourth quarter, revenue results were in line with our guidance, gross margin was strong, and operating expenses declined on continued discipline. We delivered strong cash flow from operations in the quarter at approximately $28 million. As we enter 2020, we are excited about our new product launches coming to fruition with our new 5G wireless radio, and fiber-optic datacenter high-speed interconnect products expanding into new large, high-growth infrastructure markets. We also secured a new design-win at a major customer for our 5G Wireless radio transceiver, in addition to the tier-1 European OEM design-win in the previous quarter,” commented Kishore Seendripu, Ph.D., Chairman and CEO.

First Quarter 2020 Business Outlook

The company expects revenue in the first quarter 2020 to be approximately $65 million to $70 million. The Company also estimates the following:

• GAAP gross margin of approximately 53.5% to 54.0%;
• Non-GAAP gross margin of approximately 63.5% to 64.0%;
• GAAP operating expenses of approximately $46.5 million to $47.5 million; and
• Non-GAAP operating expenses of approximately $32.0 million to $32.5 million.

For earnings history and earnings-related data on MaxLinear (MXL) click here.