AVX Corp. (AVX) Reports Q3 Loss of $0.55, Beats on Revenues

AVX Corp. (NYSE: AVX) reported Q3 EPS of ($0.55), versus $0.18 reported last year. Revenue for the quarter came in at $431.8 million versus the consensus estimate of $421.6 million.

Chief Executive Officer and President, John Sarvis, stated, “We completed the third quarter of our fiscal year with net sales of $431.8 million, reflecting an increase over both the previous quarter and the same quarter in the prior year. These results include sales of $90.5 million in our Interconnect, Sensing and Control division that are attributable to our acquisition of the AB Electronic sensing and control (“S&C”) business from TT Electronics, PLC in early October 2017. With continuing favorable market conditions, we saw healthy product demand in most of the markets we serve. As a result of the favorable U.S. tax reform law signed in December, as well as an enacted income tax rate reduction in France, we recorded estimated income tax charges of approximately $129.8 million in the quarter, consisting primarily of a charge for estimated taxes on un-repatriated accumulated overseas earnings.”

For earnings history and earnings-related data on AVX Corp. (AVX) click here.

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