Maxim Integrated Posts 38 Percent Drop In Profit

SUNNYVALE, Calif. (AP) — Chip maker Maxim Integrated Products Inc. said late Thursday that its fiscal first-quarter profit fell 38 percent as sales declined.

In the three months ended Sept. 26, Maxim earned $42 million, or 13 cents per share, compared with a profit of $67.6 million, or 21 cents per share, in the year-earlier quarter.

Excluding special items, the company said it earned 16 cents per share.

Revenue fell 10 percent to $449.2 million from $501.2 million last year.

Analysts polled by Thomson Reuters expected a profit of 12 cents per share on revenue of $438.4 million. Analysts typically exclude special items.

Looking ahead, Maxim predicted revenue for the quarter ending in December of $450 million to $465 million. Analysts are looking for $457.2 million, on average.

The company also declared a quarterly dividend of 20 cents per share, payable Dec. 4 to shareholders on record as of Nov. 20.