Axos Financial, Inc. (NSE:AX) Q3 2019 Earnings Conference Call - Final Transcript
Apr 30, 2019 • 05:00 pm ET
Good day, ladies and gentlemen, and welcome to the Maxim Integrated Third Quarter of Fiscal 2017 Conference Call. [Operator Instructions] And now, I'd like to introduce your host for today's program, Kathy Ta, Managing Director, Investor Relations. Please go ahead, Kathy.
Thank you, Jonathan. Welcome everyone to Maxim Integrated's fiscal third quarter 2017 earnings conference call. Joining me on the call today are Chief Executive Officer, Tunc Doluca; and Chief Financial Officer, Bruce Kiddoo. I would like to highlight that we have posted a supplemental financial presentation to our external Investor Relations website.
The information in this presentation accompanies the financial disclosures in our earnings press release and on this conference call. During today's call, we will be making some forward-looking statements. In light of the Private Securities Litigation Reform Act, I'd like to remind you that these statements must be considered in conjunction with the cautionary warnings that appear on our SEC filings. Investors are cautioned that all forward-looking statements in this call involve risks and uncertainties, and that future events may differ materially from the statements made. For additional information, please refer to the Company's Securities and Exchange Commission filings which are posted on our website.
Now, I'll turn the call over to Bruce.
Thanks Kathy. Before I discuss the details of our results, I would like to highlight that our revenue guidance for the June quarter includes $15 million to $20 million of revenue due to the start of the transition to sell-in revenue accounting for distribution. The split of this revenue is roughly a half in the industrial market, a third in the comm market and the remaining portion across the other end markets.
Overall, we continue to successfully execute on our business transformation. Our third quarter revenue results were above the midpoint of our guidance, above typical seasonality and up 5% from the same quarter a year ago. Our guidance for the fourth quarter is up sequentially and strongly up from the same quarter a year ago. We achieved our 65% gross margin target ahead of schedule in Q3 and expect to be able to sustain this high quality of earnings in the coming quarters.
The improvements in our revenue growth have been driven by content gains in our automotive business, growth in factory automation and core industrial products, and diversification across a broad base of customers, platforms and technologies in consumers. With that, let me discuss Maxim's third quarter financial results.
Revenue for the third quarter was $581 million, up 5% from the second quarter and above the $575 million midpoint of our guidance. Our revenue mix by major markets in Q3 was approximately 28% from industrial, 26% consumer, 21% comm and data center, 21% automotive, and 4% computing. It is worth highlighting that industrial is now our largest business and that industrial plus automotive is nearly 50% of total Company revenue.
Let me now turn to the distribution channel. Distribution comprised 42% of Maxim's revenue in the March quarter, a record-high percentage for Maxim.