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Marvell's (MRVL) Q4 Earnings and Revenues Surpass Estimates
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Marvell Technology (MRVL - Free Report) reported splendid fourth-quarter fiscal 2022 results, wherein both earnings and revenues not only surpassed the respective Zacks Consensus Estimate but also improved significantly year over year.
California-based Marvell delivered non-GAAP earnings of 50 cents per share beating the consensus mark of 48 cents per share. The bottom line improved 72.4% from the year-ago quarter.
Marvell reported revenues of $1.34 billion, which outpaced the Zacks Consensus Estimate of $1.32 billion. The top line increased 68% from the year-earlier quarter’s reported figure. This upsurge can primarily be attributed to substantial growth in all the end markets, particularly the data center end market.
Marvell Technology, Inc. Price, Consensus and EPS Surprise
During the fourth quarter, Marvell registered revenue growth across all of its end markets.
Revenues from data center revenues soared 113% year over year to $574.1 million. The segment accounted for 42.7% of fiscal third-quarter total revenues, highlighting the fact that it is currently Marvell’s largest end market when compared to the rest.
Carrier infrastructure revenues, which constituted 17.9% of total revenues, grew 45% year over year to $241 million.
Revenues from enterprise networking jumped 64% year on year to $263 million and accounted for 19.6% of the total revenues.
Consumer revenues, representing 13.8% of total revenues, climbed 11% to $185.4 million.
Industrial revenues jumped 134% year over year to $79.5 million. Revenues from the industrial segment constituted 5.9% of total revenues.
Marvell’s non-GAAP gross profit rose 72.1% to $876.9 million in the fourth quarter. Consequently, the margin expanded 140 basis points (bps) to 65.3%.
Non-GAAP operating expenses flared up 37.6% year over year to $389.9 million. Non-GAAP operating margin expanded 790 bps year on year to 36.3%.
Balance Sheet and Cash Flow
Marvell exited the fourth quarter with cash and cash equivalents of $613.5 million compared with the previous quarter’s $523.5 million. The company’s long-term debt totaled $4.48 billion.
The company generated $346.3 million of cash through operational activities in the fourth quarter and $819.4 million in the full fiscal 2022.
Marvell returned $50.7 million to shareholders through dividend payments in the fourth quarter and $191 million in the full fiscal 2022.
Full-Year Highlights
For the full fiscal 2022, Marvell reported revenues of $4.46 billion, indicating a surge of 50.3% year over year.
The company reported non-GAAP earnings of $1.57 per share, witnessing an increase of 70.7%.
Marvell’s non-GAAP gross profit rose 54.3% to $2.9 billion in the full fiscal 2022. The margin expanded 160 basis points (bps) to 64.9%.
Non-GAAP operating expenses were $1.43 billion compared with fiscal 2021’s $1.16 billion. However, non-GAAP operating margin expanded 860 bps to 32.8% in fiscal 2022.
Guidance
For the first quarter of fiscal 2023, Marvell expects strong revenue growth driven by the data-center end market, accelerated 5G adoptions in the United States and other regions, and broad growth across multiple products. The company projects fiscal first-quarter revenues of $1.425 billion (+/- 3%).
Non-GAAP gross margin is likely to be 65-66%, while non-GAAP operating expenses are estimated between $430 and $435.
The company projects non-GAAP earnings per share for the first quarter to be approximately 51 cents (+/- 3 cents).
The Zacks Consensus Estimate for Apple’s second-quarter fiscal 2022 earnings has been revised 5.1% upward to $1.43 per share over the past 60 days. For fiscal 2022, earnings estimates have moved a penny north to $6.16 per share in the past seven days.
Apple’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 20.3%. AAPL stock has appreciated 36.8% in the past year.
The Zacks Consensus Estimate for AMD’s first-quarter fiscal 2022 earnings has been revised 23 cents upward to 91 cents per share over the past 30 days. For fiscal 2022, earnings estimates have moved south by a penny to $3.99 per share in the past seven days.
AMD’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 17%. Shares of AMD have gained 42.8% in the past year.
The Zacks Consensus Estimate for Axcelis’ first-quarter 2022 earnings has been revised a couple of cents upward to 89 cents per share over the past 30 days. For 2022, earnings estimates have moved north by 12.4% to $3.99 per share in the past 30 days.
Axcelis’ earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 30.3%. Shares of ACLS have rallied 85.9% in the past year.
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Marvell's (MRVL) Q4 Earnings and Revenues Surpass Estimates
Marvell Technology (MRVL - Free Report) reported splendid fourth-quarter fiscal 2022 results, wherein both earnings and revenues not only surpassed the respective Zacks Consensus Estimate but also improved significantly year over year.
California-based Marvell delivered non-GAAP earnings of 50 cents per share beating the consensus mark of 48 cents per share. The bottom line improved 72.4% from the year-ago quarter.
Marvell reported revenues of $1.34 billion, which outpaced the Zacks Consensus Estimate of $1.32 billion. The top line increased 68% from the year-earlier quarter’s reported figure. This upsurge can primarily be attributed to substantial growth in all the end markets, particularly the data center end market.
Marvell Technology, Inc. Price, Consensus and EPS Surprise
Marvell Technology, Inc. price-consensus-eps-surprise-chart | Marvell Technology, Inc. Quote
Quarter Details
During the fourth quarter, Marvell registered revenue growth across all of its end markets.
Revenues from data center revenues soared 113% year over year to $574.1 million. The segment accounted for 42.7% of fiscal third-quarter total revenues, highlighting the fact that it is currently Marvell’s largest end market when compared to the rest.
Carrier infrastructure revenues, which constituted 17.9% of total revenues, grew 45% year over year to $241 million.
Revenues from enterprise networking jumped 64% year on year to $263 million and accounted for 19.6% of the total revenues.
Consumer revenues, representing 13.8% of total revenues, climbed 11% to $185.4 million.
Industrial revenues jumped 134% year over year to $79.5 million. Revenues from the industrial segment constituted 5.9% of total revenues.
Marvell’s non-GAAP gross profit rose 72.1% to $876.9 million in the fourth quarter. Consequently, the margin expanded 140 basis points (bps) to 65.3%.
Non-GAAP operating expenses flared up 37.6% year over year to $389.9 million. Non-GAAP operating margin expanded 790 bps year on year to 36.3%.
Balance Sheet and Cash Flow
Marvell exited the fourth quarter with cash and cash equivalents of $613.5 million compared with the previous quarter’s $523.5 million. The company’s long-term debt totaled $4.48 billion.
The company generated $346.3 million of cash through operational activities in the fourth quarter and $819.4 million in the full fiscal 2022.
Marvell returned $50.7 million to shareholders through dividend payments in the fourth quarter and $191 million in the full fiscal 2022.
Full-Year Highlights
For the full fiscal 2022, Marvell reported revenues of $4.46 billion, indicating a surge of 50.3% year over year.
The company reported non-GAAP earnings of $1.57 per share, witnessing an increase of 70.7%.
Marvell’s non-GAAP gross profit rose 54.3% to $2.9 billion in the full fiscal 2022. The margin expanded 160 basis points (bps) to 64.9%.
Non-GAAP operating expenses were $1.43 billion compared with fiscal 2021’s $1.16 billion. However, non-GAAP operating margin expanded 860 bps to 32.8% in fiscal 2022.
Guidance
For the first quarter of fiscal 2023, Marvell expects strong revenue growth driven by the data-center end market, accelerated 5G adoptions in the United States and other regions, and broad growth across multiple products. The company projects fiscal first-quarter revenues of $1.425 billion (+/- 3%).
Non-GAAP gross margin is likely to be 65-66%, while non-GAAP operating expenses are estimated between $430 and $435.
The company projects non-GAAP earnings per share for the first quarter to be approximately 51 cents (+/- 3 cents).
Zacks Rank & Other Key Picks
Marvell currently carries a Zacks Rank #2 (Buy). Some other top-ranked stocks from the broader computer and technology sector are the iPhone maker Apple (AAPL - Free Report) , Advanced Micro Devices (AMD - Free Report) and Axcelis Technologies (ACLS - Free Report) , all sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Apple’s second-quarter fiscal 2022 earnings has been revised 5.1% upward to $1.43 per share over the past 60 days. For fiscal 2022, earnings estimates have moved a penny north to $6.16 per share in the past seven days.
Apple’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 20.3%. AAPL stock has appreciated 36.8% in the past year.
The Zacks Consensus Estimate for AMD’s first-quarter fiscal 2022 earnings has been revised 23 cents upward to 91 cents per share over the past 30 days. For fiscal 2022, earnings estimates have moved south by a penny to $3.99 per share in the past seven days.
AMD’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 17%. Shares of AMD have gained 42.8% in the past year.
The Zacks Consensus Estimate for Axcelis’ first-quarter 2022 earnings has been revised a couple of cents upward to 89 cents per share over the past 30 days. For 2022, earnings estimates have moved north by 12.4% to $3.99 per share in the past 30 days.
Axcelis’ earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 30.3%. Shares of ACLS have rallied 85.9% in the past year.