AVX Reports Strong Fiscal Third Quarter Results
AVX Corp. recently reported preliminary unaudited results for its fiscal third quarter.
AVX Corp. recently reported preliminary unaudited results for its fiscal third quarter, which ended December 31, 2016. For the three and nine month periods ending December 31, 2016, net sales were $340.8 million and $983.1 million, respectively, compared to net sales of $287 million and $891.9 million, respectively, for the same periods last year.
“We completed the third quarter of our fiscal year with net sales of $340.8 million, reflecting a 4.1% increase over the previous quarter and an 18.7% increase over the same quarter in the prior year,” said John Sarvis, president and CEO. “Our results continue to reflect solid operating results with a gross profit of 23.3%, reflective of our focus on value-added products for our customers and our focus on cost control. Once again, we saw a build in our order backlog during the quarter and increased distribution customer activity. We will continue to make investments in manufacturing plant expansion and product line increases to support our customers’ growing requirements.”
Net income for the 2016 third quarter was $35.5 million, or $0.21 per diluted share, compared to net income of $5.4 million, or $0.03 per diluted share, for the 2015 third quarter. Net income for the nine month period ending December 31, 2016, was $91.9 million, or $0.55 per diluted share, compared to net income of $68.9 million, or $0.41 per diluted share, for the same period last year. The net effect of the Presidio litigation damages awards and the higher selling prices was a negative impact on net income of $0.3 million and $8.3 million for the three and nine month periods, respectively.
“In keeping with our long-term strategy, we continue to foster our financial strength in order to allow flexibility for investments in potential acquisitions, materials, equipment and people to support the long-term growth of the company,” said Kurt Cummings, chief financial officer. “As of December 31, 2016, we had cash, cash equivalents, and short-term investments in securities of approximately $1.1 billion and no debt. We continued to use our resources to provide value to our stockholders during the quarter by paying $18.4 million in dividends to stockholders.”
For more information, visit www.avx.com.