Maxim Integrated Products, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter Ended December 29, 2012; Provides Earnings Guidance for the Third Quarter of Fiscal 2013; Approves Cash Dividend, Payable on March 6, 2013; Incurs Impairment Charge for the Second Quarter of Fiscal 2013
The company provides earnings guidance for the third quarter of fiscal 2013. Beginning third quarter backlog declined to $353 million. Based on this beginning backlog and expected turns, the company forecasts third quarter revenue of $580 million to $610 million or up 1% to down 4% from second quarter. Gross margin, excluding special items, is estimated at 60% to 63%. Third quarter of fiscal 2013 and future tax rate, excluding special items, is estimated at 15% to 20%. This is lower than its previously estimated long-term tax rate due to higher international mix of business. For third quarter GAAP earnings per share, excluding special items, the company expects a range of $0.39 to $0.43. Net capital expenditures in third quarter are expected to be flat with second quarter.
Finally, Board of Directors has approved payment of a cash dividend of $0.24 per share to be paid on March 6, 2013, to stockholders of record on February 20, 2013.
The company reported $22 million pre-tax charge for impairment of long-lived assets in the second quarter of fiscal 2013.