Maxim Integrated Shares Down After Quarterly Revenue Miss

Shares of Maxim Integrated Products Inc. fell more than 5% late Thursday after the San Jose, Calif., company reported fiscal fourth-quarter sales below expectations and increased its dividend by 9%. Maxim said it earned $163 million in the quarter, or 57 cents a share, compared with $140 million, or 49 cents a share, in the year-ago period. Adjusted for one-time items, Maxim reported per-share earnings of 63 cents, compared with 56 cents a year ago. Revenue reached $602 million, from $581 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 62 cents a share on sales of $610 million. The company forecast revenue between $555 million and $595 million for the fiscal fourth quarter and adjusted per-share earnings between 52 cents and 58 cents in that quarter. The analysts surveyed by FactSet expect adjusted per-share earnings of 58 cents on sales of $592 million for the quarter.