Maxim's Earnings Up 19% - TheStreet

Maxim's Earnings Up 19%

The chipmaker meets estimates and says bookings increased for the third straight quarter.
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Analog chipmaker

Maxim

(MXIM) - Get Report

posted an in-line quarter that saw double-digit profit growth and said bookings grew for the third straight quarter.

Maxim's revenue grew 8.5% from last year's levels to $310.2 million for the quarter, matching analyst expectations.

Net income of $87.4 million rose 19.4%, translating to in-line earnings per share of 25 cents.

The company said first-quarter bookings rose 12% from the prior quarter to $349 million. Bookings grew around the world, with the Pacific Rim showing the most improvement.

"We were pleased to see such a broad-based improvement in bookings this quarter, with 11 of our 14 business units seeing improved orders over last quarter," said CEO Jack Gifford. This marks the third consecutive quarter of improved bookings. Maxim said bookings are at their highest level since the second quarter of fiscal 2001.

In Tuesday trading, shares closed up $2.47, or 5.5%, to $47.25.