Maxim Integrated Products
missed its fiscal third-quarter earnings target on Tuesday because of a profit-sharing plan for nonexecutive employees.
Maxim reported net income of $125.5 million, or 37 cents a share, on sales of $400.2 million. During the same quarter last year, the company earned $109.2 million, or 31 cents a share, on sales of $370 million.
Analysts had expected earnings of 38 cents a share on sales of $402 million, on average, according to Thomson First Call. On March 2, the maker of analog circuits predicted that it would earn 38 cents a share on sales of $400 million.
The after-hours report recently sent shares down 14 cents to $36.75.
The profit-sharing plan knocked a penny a share off of Maxim's bottom line. The company will incur a similar charge during each of the next two quarters.
Orders rose 6% sequentially to $373 million in the third quarter with increases logged in 15 of Maxim's 20 end markets.
"It is a positive sign that a significant majority of our business units participated in this bookings increase," said CEO Jack Gifford, according to a statement.
Maxim shares ended the regular session down 1.2% to $36.89.