Maxim Integrated's Profit Edges Higher

But the company misses top-line estimates.
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Maxim Integrated Products

(MXIM) - Get Report

met Wall Street's expectations for its third-quarter earnings but fell short of analysts' forecast for the top line.

Shares of the stock recently fell 5.4% in after-hours trading on Wednesday, shedding $1.95 to $34.20.

For the third quarter, Maxim made $120.3 million in net income, or 36 cents a share, rising from $112.6 million, or 33 cents a share, over the same period last year.

Excluding certain items like stock-based compensation expenses, the chipmaker earned $148.6 million, or 45 cents a share, consistent with the consensus estimate. A year earlier, the company made $140 million, or 42 cents a share, excluding items.

On the top line, Maxim's revenue of $478.1 million missed Thomson First Call predictions averaging $480.2 million. But sales were up from a year ago, when the chipmaker collected $400.2 million.

Gross bookings tallied approximately $537 million, increasing in the U.S. and Europe, falling slightly in the Pacific Rim and remaining stable in Japan, the company said. Gross bookings increased 6% sequentially from the second-quarter total of $506 million.

For the next quarter, analysts expect 47 cents a share on sales of $501.7 million. Maxim did not immediately provide guidance.

The company also announced a cash dividend for the fourth quarter of 12.5 cents a share, to be paid May 31 to stockholders of record on May 15.

The company closed the regular session of trading down 34 cents, almost 1 %, to $35.98.