U.S. Markets open in 8 hrs 1 min

Maxim: Fiscal 2Q Earnings Snapshot

SAN JOSE, Calif. (AP) _ Maxim Integrated Products Inc. (MXIM) on Tuesday reported fiscal second-quarter profit of $146.1 million.

The San Jose, California-based company said it had profit of 53 cents per share. Earnings, adjusted for non-recurring costs, were 56 cents per share.

The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 53 cents per share.

The chipmaker posted revenue of $551.1 million in the period, also exceeding Street forecasts. Eight analysts surveyed by Zacks expected $545.1 million.

For the current quarter ending in April, Maxim expects its per-share earnings to range from 57 cents to 65 cents.

The company said it expects revenue in the range of $555 million to $595 million for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $556.3 million.

Maxim shares have increased 1% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $62.10, a rise of 12% 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