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NVE Corp (NVEC) Beats Earnings & Revenue Estimates in Q2

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NVE Corporation (NVEC - Free Report) reported second-quarter fiscal 2017 earnings of 68 cents per share, surpassing the Zacks Consensus Estimate of 56 cents by 21.4%. The reported figure was on par with the year-ago tally of 68 cents.

 

Total Revenue

In the quarter under review, total revenue came in at $7.30 million, surpassing the Zacks Consensus Estimate of $7 million by 4.3%.

Reported revenues also inched up 0.3% year over year primarily due to 6% growth in product sales. This was partially offset by a 42% plunge in contract research and development revenues.

NVE CORP Price, Consensus and EPS Surprise

 

Quarterly Highlights

NVE Corp.’s gross profit was $5.56 million, down 1.3% from $5.64 million a year ago.

Total expenses decreased 3.6% year over year to $1.11 million primarily due to lower selling, general and administrative, and research and development expenses.

Interest income in the reported quarter was $0.43 million, down 8% mainly due to lower interest-bearing marketable securities.

Financial Position

As of Sep 30, 2016, NVE Corp. had cash and cash equivalents of $5.69 million, compared with $7.53 million as of Mar 31, 2016.

Dividend Announcement

During the fiscal second quarter, the company announced cash dividend to stockholders of $1.00 per share. The new distribution will be paid on Nov 30, 2016 to shareholders of record as of Oct 31, 2016.

Upcoming Peer Releases

Applied Optoelectronics, Inc. (AAOI - Free Report) is scheduled to report third-quarter 2016 earnings on Nov 3. The Zacks Consensus Estimate stands at 22 cents.The stock sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

AXT Inc. (AXTI - Free Report) is slated to announce third-quarter 2016 earnings on Oct 26. The Zacks Consensus Estimate is pegged at 4 cents.ATX also carries a Zacks Rank #1.

Alpha & Omega Semiconductor, Ltd. (AOSL - Free Report) is expected to release first-quarter fiscal 2017 earnings on Nov 3. The Zacks Consensus Estimate stands at 5 cents. The stock has a Zacks Rank #2 (Buy).

Zacks Rank

NVE Corporation currently carries a Zacks Rank #3 (Hold).

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