AVX Corporation (NYSE: AVX) Release unaudited result for the Q3

AVX Corporation (NYSE: AVX) negotiated 210,721 shares against it an average volume of 236,508 shares. The stock concluded the recent trade at $18.52 with upbeat trend move of +1.59%. The company has total market value of 3.126B billion. The company has got a 52-week exceptional price of $21.48 and reached a 52-week lowest of the share price at $14.21. The daily trading range was observed between a day’s low prices of $18.33 to a day’s high price of $18.67.

AVX Corporation (NYSE: AVX) recently stated unaudited result for the Q3 ended December 31, 2018.For the three and nine month periods ended December 31, 2018, net sales were $442.4M and $1,352.8M, respectively, contrast to net sales of $431.8M and $1,115.8M, respectively, for the same period last year. The increases in net sale for the 12 months periods ended December 31, 2018 reflect sales of $79.9M and $267.0M, respectively, in their Interconnection, Sensing and Control section attributable to their acquisition of the AB Electronics sensing and control business and $25.5M and $89.2M, respectively, in their Electronic Components section attributable to their acquisition of Ethertronics, Inc. The increased sales were partially offset by the loss of Kyocera resale product sales which were $0.2M for the quarter ended December 31, 2018, as contrast to $77.0M for the same period last year, and $18.8M for the nine months ended December 31, 2018, as contrast to $239.0M for the same period last year.

Operating profit for the three month period ended December 31, 2018 was $89.6M contrast to $45.3M for the same period last year. Operating profit for the nine month period ended December 31, 2018 was $243.2M contrast to $132.5M for the same period last year.

Net income for the quarter ended December 31, 2018 was $74.3M, or $0.44 per diluted share, as contrast to a net loss for the quarter ended December 31, 2017 of $93.2M, or $0.55 per diluted share. As a result of the favorable U.S. tax reform law signed in December 2017, as well as an enacted income tax rate reduction in France, we recorded estimated income tax charges of about $140.8M in the quarter ended December 31, 2017, consisting primarily of a charge for estimated taxes on un-repatriated accumulated overseas earnings.

Net income for the nine month period ended December 31, 2018 was $202.3M, or $1.20 per diluted share, as contrast to a net loss of $26.9M, or $0.16 per diluted share, for the 9 month period ended December 31, 2017.

Chief Executive Officer and President, John Sarvis, stated, “They completed the third quarter of their fiscal year with net sales of $442.4M, reflecting a 3.1 percent decrease over the previous quarter and a 2.5 percent increase over the same quarter in the previous year reflective of the typical holiday seasonality, which primarily influenced the U.S. and European markets as consumers closed production facilities. Current market conditions are being influenced by a slowdown in China’s economy with tariffs being the primary impact together with the slowdown in automotive sales and production in all regions. As a result, their sales for the quarter were negatively influenced but we anticipate recovery going forward as certain new emission requirement issues were resolved this quarter. Their gross profit of $126.2M, or 28.5 percent profit margin.

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