Marvell Shares Continue Higher Following Strong Q3 Numbers, Solid Outlook
Shares of Marvell (NASDAQ: MRVL) are up nearly 5 percent in Thursday's post-market session following a third-quarter 2014 earnings beat and solid fourth-quarter guidance. The move higher this afternoon continues recent upside; shares rose about 4 percent during the intraday session as investors positioned themselves for better-than-expected results.
Marvell reported GAAP quarterly diluted net income of $0.21 per share, compared with GAAP net income of $0.12 per share for the second quarter of fiscal 2014 and $0.12 per share for the third quarter of fiscal 2013. GAAP net income rose 75 percent year over year.
Non-GAAP net income was $0.32 per share for the third quarter, up about 60 percent from the same quarter last year. Analysts on Wall Street were looking for EPS around $0.25.
The company reported revenue rose from $780.9 million in the same quarter last year to $931.2 million. The analyst consensus estimate was for just $872.81 million in sales.
"Our results in the third quarter were above the high-end of our guidance mainly due to better demand from our mobile, wireless and storage customers," said Dr. Sehat Sutardja, Marvell's Chairman and Chief Executive Officer. "We continue to make excellent progress in our end markets with new innovative products and remain committed to delivering above industry revenue and profit growth as we head into next year."
Marvell is looking for fourth-quarter earnings in the range of $0.23 to $0.27 per share on sales of $880 to $920 million. This guidance was above analyst estimates of $0.23 for EPS and sales of $844.3 million.
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