AVX Corporation (NYSE: AVX) today reported preliminary unaudited
results for the second quarter ended September 30, 2018.
Chief Executive Officer and President, John Sarvis, stated, “We
completed the second quarter of our fiscal year with net sales of
$456.3 million, reflecting an increase over both the previous
quarter and the same quarter in the prior year. Market conditions
continued to be strong, resulting in healthy product demand in most
of the markets we serve. Our gross profit of $126.5 million, or
27.7 percent, reflects solid operating performance, positively
influenced by our operational efficiency programs, as well as an
improved pricing trend in the market. 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.”
For the three and six month periods ended September 30, 2018,
net sales were $456.3 million and $910.4 million, respectively,
compared to net sales of $352.7 million and $684.0, respectively,
for the same period last year. The increase in net sales for the
three and six month periods ended September 30, 2018 reflect
increased sales of $89.4 million and $187.1 million, respectively,
in our Interconnect, Sensing and Control segment attributable to
our acquisition of the AB Electronics sensing and control business
and $31.8 million and $63.7 million, respectively, in our
Electronic Components segment attributable to our acquisition of
Ethertronics, Inc. The increased sales were partially offset by the
loss of Kyocera resale product sales which were $1.4 million for
the quarter ended September 30, 2018, as compared to $85.2 million
for the same period last year, and $18.6 million for the six months
ended September 30, 2018, as compared to $162.0 million for the
same period last year.
Operating profit for the three month period ended September 30,
2018 was $85.6 million compared to $44.8 million for the same
period last year. Operating profit for the six month period ended
September 30, 2018 was $153.7 million compared to $87.2 million for
the same period last year.
Net income for the quarter ended September 30, 2018 was $72.1
million, or $0.43 per diluted share, as compared to net income for
the quarter ended September 30, 2017 of $34.8 million, or $0.21 per
diluted share.
Net income for the six month period ended September 30, 2018 was
$128.0 million, or $0.76 per diluted share, as compared to net
income of $66.3 million, or $0.39 per diluted share, for the six
month period ended September 30, 2017.
Chief Financial Officer, Michael Hufnagel, stated, “In keeping
with our long-term strategy, we continue to maintain our strong
financial position allowing flexibility for investments in
acquisitions, materials, equipment and people to support the
long-term growth of the Company. As of September 30, 2018, we had
cash, cash equivalents and short-term investments in securities of
approximately $844.7 million, and no debt. We continued to provide
value to our stockholders during the quarter by paying $19.4
million in dividends to stockholders.”
AVX, headquartered in Fountain Inn, South Carolina, is a leading
manufacturer and supplier of a broad line of electronic components,
interconnect, sensing and control devices and related products.
Please visit our website at www.avx.com.
AVX CORPORATION
Consolidated Condensed Statements of
Income
(unaudited)
(in thousands, except per share
data)
Three Months Ended Six
Months Ended September 30, September 30,
2017 2018 2017
2018 Net sales $ 352,693 $ 456,328 $ 684,047 $ 910,444 Cost
of sales 275,420 329,852 532,928
675,635 Gross profit 77,273 126,476 151,119 234,809 Selling,
general & admin. expense 32,487 40,839
63,902 81,155 Profit from operations 44,786 85,637 87,217
153,655 Other income, net 4,254 3,295 6,167
6,047 Income before income taxes 49,040 88,932 93,384
159,702 Provision for taxes 14,222 16,863
27,082 31,670 Net income $ 34,818 $ 72,069 $ 66,302 $
128,032 Basic income per share $ 0.21 $ 0.43 $ 0.39 $ 0.76
Diluted income per share $ 0.21 $ 0.43 $ 0.39 $ 0.76
Weighted average common shares outstanding: Basic 168,262 168,749
168,167 168,621 Diluted 168,918 169,472 168,754 169,217
AVX CORPORATION
Consolidated Condensed Balance
Sheets
(unaudited)
(in thousands)
March 31, September
30, 2018 2018 Assets Cash and cash equivalents $
547,415 $ 487,896 Short-term investments in securities 279,787
356,815 Accounts receivable, net 284,514 263,064 Inventories
516,777 555,761 Other current assets 73,231 80,930
Total current assets 1,701,724 1,744,466 Property, plant and
equipment, net 418,286 437,554 Goodwill and other intangibles
444,910 452,526 Other assets 107,846 105,818
TOTAL ASSETS $ 2,672,766 $ 2,740,363
Liabilities and Stockholders’ Equity
Accounts payable $ 116,046 $ 94,283 Income taxes payable and
accrued expenses 178,517 224,001 Total current
liabilities 294,563 318,284 Other liabilities 134,760
123,477 TOTAL LIABILITIES 429,323 441,761
TOTAL STOCKHOLDERS’ EQUITY
2,243,443 2,298,602
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$ 2,672,766 $ 2,740,363
This Press Release contains “forward-looking” information within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements other than statements of historical fact,
including statements regarding industry prospects, trends, and
future results of operations or financial position, made in this
Press Release are forward-looking. The forward-looking
information may include, among other information, statements
concerning our outlook for fiscal year 2019, overall volume and
pricing trends, potential for future growth, cost reduction and
acquisition strategies and their anticipated results, expectations
for research and development, and capital expenditures. There
may also be other statements of expectations, beliefs, outlook,
future plans and strategies, anticipated events or trends, and
similar expressions concerning matters that are not historical
facts. Forward-looking statements reflect management’s
expectations and are inherently uncertain. Our expectations
and assumptions are expressed in good faith and we believe there is
a reasonable basis for them. However, there can be no assurance
that such forward-looking statements will materialize or prove to
be correct as forward-looking statements are inherently subject to
known and unknown risks, uncertainties and other factors which may
cause actual future results, performance or achievements to differ
materially from the future results, performance or achievements
expressed in or implied by such forward-looking statements. Because
these forward-looking statements involve risks and uncertainties,
actual results could differ materially from those expressed or
implied by the forward-looking statements for a variety of reasons,
including without limitation, changes in the global economy or the
economy of any locality in which we conduct business; changes in
general industry and market conditions or regional growth or
declines; loss of business from increased competition; higher raw
material costs or raw material shortages; changes in consumer and
customer preferences for end products; customer losses; changes in
regulatory conditions; changes to import/export regulations and
tariffs; unfavorable fluctuations in currencies or interest rates
among the various jurisdictions in which we operate; market
acceptance of our new products; possible adverse results of pending
or future litigation or infringement claims; our ability to
successfully integrate and realize expected synergies from acquired
businesses; our ability to protect our intellectual property
rights; negative impacts of environmental investigations or other
governmental investigations and associated litigation; tax
assessments by governmental authorities and changes in our
effective tax rate; dependence on and relationships with customers
and suppliers; and other risks and uncertainties discussed in our
Annual Report on Form 10-K for fiscal year ended March 31,
2018. Forward-looking statements should be read in context
with, and with the understanding of, the various other disclosures
concerning the Company and its business made elsewhere in this
Press Release as well as other public reports filed by the Company
with the SEC. You should not place undue reliance on any
forward-looking statements as a prediction of actual results or
developments.
Any forward-looking statements by the Company are intended to
speak as of the date thereof. We do not intend to update or revise
any forward-looking statement contained in this Press Release to
reflect new events or circumstances unless and to the extent
required by applicable law. All forward-looking statements
contained in this Press Release constitute “forward-looking
statements” within the meaning of Section 21E of the United States
Securities Exchange Act of 1934 and, to the extent it may be
applicable by way of incorporation of statements contained in this
Press Release by reference or otherwise, Section 27A of the United
States Securities Act of 1933, each of which establishes a
safe-harbor from private actions for forward-looking statements as
defined in those statutes.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181024005136/en/
AVX CorporationMichael Hufnagel,
864-967-9351investor.relations@avx.com
AVX (NYSE:AVX)
Historical Stock Chart
From Mar 2024 to Apr 2024
AVX (NYSE:AVX)
Historical Stock Chart
From Apr 2023 to Apr 2024