Maxim Integrated Products (MXIM) Soars To New Highs

Maxim Integrated Products Inc. (NASDAQ:MXIM) shares rose 11.82% on Friday following the company's reporting of record revenue of $626.1 million beating the analysts' estimates of $604 million for the first quarter of fiscal year 2011 on Thursday. The shares of the company were trading at $21.91 after market closed and 14.66 million shares exchanged hands. Based on GAAP, diluted earnings per share in the September quarter was $0.39. The results were reduced by $17.9 million of special expense items which primarily consist of pre-tax expense for acquisition related items. GAAP earnings per share excluding special expense items was $0.43, while the analysts had expect3ed the Company to report an eps of $0.35. The Company reported net revenue of $626.1 million for its fiscal 2011 first quarter, an 11% increase over the $566.0 million revenue recorded in the prior quarter. Gross margin was 61.7% on GAAP basis and 63.4% on non-GAAP basis. MXIM provides a fiscal second quarter revenue outlook: $595 to $625 million and earnings per share: $0.36 to $0.41 GAAP ($0.39 to $0.44 excluding special expense items). Maxim Integrated Products is a publicly traded company that designs, manufactures, and sells high-performance semiconductor products. To date, it has developed over 6,400 products serving the industrial, communications, consumer, and computing markets.
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