Maxim Integrated Products, Inc. reported unaudited consolidated earnings results for second quarter ended December 24, 2016. For the quarter, the company reported net revenues of $550,998,000 against $510,831,000 a year ago. Operating income was $149,074,000 against $89,583,000 a year ago. Income before provision for income taxes was $148,438,000 against $79,940,000 a year ago. Net income was $130,477,000 or $0.45 per diluted share compared to $67,469,000 or $0.30 per diluted share a year ago. Net cash provided by operating activities was $192,630,000 compared to $182,489,000 a year ago. Payments for property, plant and equipment was $15,775,000 compared to $13,530,000 a year ago.

For the third quarter of 2017, the company expects revenue to be from $555 million to $595 million, gross margin to be from 61% to 63% GAAP (63% to 65% excluding special items) and EPS to be from $0.43 to $0.49 GAAP ($0.49 to $0.55 excluding special items).

For fiscal year 2017, the company's gross capital expenditures are expected to be within the target range of 1% to 3% of revenue. And finally, the company expects buybacks in the third quarter to be consistent with the company's annual commitment to return 80% of free cash flow to shareholders.