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Maxwell (MXWL) Q2 Loss Wider than Expected, Sales Decline
Maxwell Technologies, Inc. incurred an adjusted loss of 17 cents per share in the second quarter of 2016, wider than both the Zacks Consensus Estimate of a loss of 9 cents and the year-ago loss of 14 cents.
On a GAAP basis, the company reported earnings of 7 cents per share. In the second quarter of 2015, it has registered a loss of 31 cents.
Revenue
Maxwell Technologies’ second-quarter revenues of $34.1 million missed the Zacks Consensus Estimate of $35 million by 2.6%. Revenues also declined from the year-ago figure of $37.8 million by 9.8% due to lower sales of ultracapacitors (9.4%), high-voltage (0.4%) and the microelectronics (56.4%). The microelectronics product line was sold in Apr 2016, which means that second-quarter results will reflect the impact of the 27-day period before its sale.
Operational Highlights
In the quarter under review, the company’s cost of revenue was $24.2 million, down 5.8% year over year.
Total operating expenses were $13.8 million in the quarter, or 40.4% of revenues, compared with $18.4 million, or 48.7% of revenues in the prior-year quarter.
MAXWELL TECH Price, Consensus and EPS Surprise
MAXWELL TECH Price, Consensus and EPS Surprise | MAXWELL TECH Quote
Financial Condition
As of Jun 30, 2016, Maxwell Technologies had cash and cash equivalents of $35.7 million, compared with $24.4 million as of Dec 31, 2015.
Long-term debt (excluding current portion) was $0.04 million as of Jun 30, 2016, down from $0.05 million as of Dec 31, 2015.
Guidance
Maxwell expects total revenue in the range of $24–$27 million for the third quarter of 2016. Non-GAAP gross margin is expected to be 29–32%. Non-GAAP operating expense is projected in the range of $12.5–$12.9 million.
Zacks Rank
Maxwell Technologies currently has a Zacks Rank #2 (Buy). Some better-ranked stocks in the same space include OSI Systems, Inc. (OSIS - Free Report) , Stoneridge Inc. (SRI - Free Report) and TTM Technologies Inc. (TTMI - Free Report) , each sporting a Zacks Rank #1 (Strong Buy).
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