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CSFB Lowers Forecast for Maxim Integrated

Maxim Integrated (MXIM) posted $0.17 vs. $0.33 Q1 earnings per share on a 43% revenue decline. The company sees Q2 EPS and revenue up slightly From Q1. CS First Boston cuts its estimates for the maker of linear and mixed-signal integrated circuits.

Analyst Michael Masdea says that Maxim's Q1 EPS beat his estimate by $0.01. But while the company reported significant order strength, the expected effects of the weak demand environment also became clear, with 12-month order backlog down 16% sequentially, three-month backlog down 7% sequentially, and inventory turns required up 65% sequentially. Thus, despite improved orders and visibility, required turns orders were worse going into Q2.

Masdea cut his fiscal 2002 (June) estimates of $1.01 EPS to $0.74 and $1.08 billion revenues to $1.01 billion. He also lowered his fiscal 2003 forecasts of $1.19 EPS to $1.06 and $1.42 billion revenues to $1.3 billion. Masdea remains cautious for the near term. He is keeping his hold rating on the shares.

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