SUNNYVALE (dpa-AFX) - Maxim Integrated Products Inc. (MXIM) Thursday reported a sharp decline in profit for the third quarter, due mainly to higher income tax provision.
The Sunnyvale, California-based company reported third-quarter net profit of $54.52 million or $0.18 per share, compared to $136.28 million or $0.45 per share last year. The bottomline was impacted mainly by higher income tax provision of $88.95 million, compared to $26.15 million last year.
Net income excluding special expense items for the quarter dropped to $99.53 million or $0.33 per share from $121.73 million or $0.40 per share in the prior-year quarter. On average, 24 analysts polled by Thomson Reuters expected the company to earn $0.28 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter dropped 3 percent to $571.21 million from $606.78 million in the prior-year quarter. Twenty six analysts had a consensus revenue estimate of $570.83 million for the quarter.
Looking ahead, the company expects fourth quarter earnings in the range of $0.34 to $0.38 per share and earnings excluding special expense items in the range of $0.37 to $0.41 per share. Revenues for the fourth quarter are anticipated in the range of $590 million to $620 million. Analysts currently expect the company to earn $0.34 per share for the quarter, with revenues of $601.89 million.
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