AVX Corp. has reported preliminary unaudited results for its first fiscal quarter, ended June 30, 2010. Revenue for the quarter was $396.5 million, an 8% increase from the previous quarter and a 36% increase from the first quarter of last year. Gross profit margins improved for the eighth consecutive quarter to 26% in the current quarter, compared to 23% in the previous quarter and 19% in the same quarter last year. Net income was $52.3 million, or $0.31 per share, for the 2010 quarter.
“We are pleased to report first quarter results that reflect sequential improvement over the previous quarter in both revenue and margins, as we successfully leveraged the higher volumes with productivity improvements,” said John Gilbertson, president and CEO. “We are encouraged by the overall outlook for the electronic component industry as end user demand for electronic products continued to increase, as evidenced by the strong bookings we recorded during the quarter.”
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