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Maxim: Fiscal 2Q Earnings Snapshot

SAN JOSE, Calif. (AP) _ Maxim Integrated Products Inc. (MXIM) on Tuesday reported fiscal second-quarter net income of $131.9 million, after reporting a loss in the same period a year earlier.

The San Jose, California-based company said it had net income of 47 cents per share. Earnings, adjusted for non-recurring costs, came to 60 cents per share.

The results fell short of Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 62 cents per share.

The chipmaker posted revenue of $576.9 million in the period, which also did not meet Street forecasts. Eight analysts surveyed by Zacks expected $590.5 million.

For the current quarter ending in April, Maxim expects its per-share earnings to range from 49 cents to 55 cents.

The company said it expects revenue in the range of $520 million to $560 million for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $587.1 million.

Maxim shares have climbed slightly more than 8 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $55.05, a drop of 17 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MXIM at https://www.zacks.com/ap/MXIM