AVX Corporation AVX released its preliminary results for the first quarter. Its adjusted earnings were in line with the estimations while revenue exceeded.
AVX said that its net income fell to $29.9 million or $0.18 per share in the second quarter from $35.6 million or $0.21 per share in the previous year period. Its adjusted net income also dipped to $32.2 million, or $0.19 per share, from $35.6 million, or $0.21 per share, for the same period last year.
Its net sales grew to $314.8 million from $300.5 million in the year-ago quarter reflecting an improving market for its components and interconnect products.
Street analysts predicted the company to report EPS of $0.19 on revenues of $310.8 million.
The company's CEO and President, John Sarvis, commented, "These results continue to reflect our focus on value added products for our customers and our focus on cost control. Our optimism about future activity was bolstered by a build in our order backlog during the quarter and increased distribution customer activity. We continue to be optimistic that the continuing evolution of new electronic devices and content will provide growth opportunities during the latter part of the fiscal year as global economic expansion continues."
On Tuesday, the stock fell 0.22 percent to trade at $13.84.
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