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

AVX Corp. (NYSE: AVX) reported Q3 EPS of $0.28, $0.09 better than the analyst estimate of $0.19. Revenue for the quarter came in at $344.4 million versus the consensus estimate of $353.8 million.

Chief Executive Officer and President, John Sarvis, stated, “We completed the third quarter of our fiscal year with net sales of $344.4 million, down 8.7% compared to the previous quarter and down 22.2% from the same quarter last year reflecting extended inventory levels in the supply chain for commodity products and continuing weakness in the global market for electronic components. Our global distribution channel activity declined again this quarter as inventories remained extended. Overall orders in the industry improved this quarter with a positive book to bill, reflecting some improvement in channel inventories. Our gross profit of $77.8 million, or 22.6%, reflects solid operating performance in tighter market conditions. The economic environment remains suppressed, and uncertainties with respect to international relations and trade regulations, particularly in China, continue to put pressure on the global economy. However, we continue to be optimistic that the evolution of new electronic devices and content will create strong demand for our components and interconnect, sensing and control devices and provide growth opportunities in the long-term.”

Chief Financial Officer, Michael Hufnagel, stated, “Our financial position remains strong with cash, cash equivalents and short-term investments in securities of approximately $753.0 million and no debt as of December 31, 2019. We continued to use our resources to provide value to our stockholders during the quarter by paying $19.4 million in dividends to stockholders. Our financial position remains strong and allows flexibility for investments in acquisitions, materials, equipment and people to support the long-term growth of the Company.”

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

You May Also Be Interested In

• AVAX One Reports Second Quarter 2026 Financial and Operating Results
• Algorhythm Holdings (RIME) Tops Q2 EPS by 54c
• SanDisk upgraded at JPMorgan after investor day; shares climb