AVX Corp. (AVX) Tops Q3 EPS by 9c, Revenues Miss

AVX Corp. (NYSE: AVX) reported Q3 EPS of $0.44, $0.09 better than the analyst estimate of $0.35. Revenue for the quarter came in at $442.4 million versus the consensus estimate of $457 million.

Chief Executive Officer and President, John Sarvis, stated, “We completed the third quarter of our fiscal year with net sales of $442.4 million, reflecting a 3.1 percent decrease over the previous quarter and a 2.5 percent increase over the same quarter in the prior year reflective of the typical holiday seasonality, which primarily influenced the U.S. and European markets as customers closed production facilities. Current market conditions are being impacted by a slowdown in China’s economy with tariffs being the primary impact along with the slowdown in automotive sales and production in all regions. As a result, our sales for the quarter were negatively impacted but we anticipate recovery going forward as certain new emission requirement issues were resolved this quarter. Our gross profit of $126.2 million, or 28.5 percent profit margin, reflects solid operating performance, positively influenced by our operational efficiency programs, as well as improved pricing in the market when compared to the same period last year. Our distribution channel continues to experience favorable trends and reflect a positive outlook for succeeding quarters. While difficult to predict, we continue to be optimistic that demand for our electronic components and interconnect, sensing and control devices will remain strong during the remainder of the fiscal year.”

Chief Financial Officer, Michael Hufnagel, stated, “Our balance sheet remains strong with cash, cash equivalents and short-term investments in securities of $853.7 million and no debt, allowing us substantial flexibility for investments in acquisitions, materials, equipment and people to support the long-term growth of the Company. We continued to provide value to our stockholders during the quarter by paying $19.4 million in dividends to stockholders.”

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

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