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Maxwell (MXWL) Q3 Loss Lower than Expected, Sales Down
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Maxwell Technologies, Inc. incurred adjusted loss of 21 cents per share in the third quarter of 2016, narrower than the Zacks Consensus Estimate of a loss of 22 cents but wider than the year-ago loss of 5 cents.
On a non-GAAP basis, the company reported earnings of 18 cents per share. In the third quarter of 2015, it has registered earnings of a penny.
Revenues
Maxwell Technologies’ third-quarter revenues of $25.5 million surpassed the Zacks Consensus Estimate of $25 million by 2%. Revenues, however, declined 43.4% from the year-ago figure of $45.1 million primarily due to lower sales of ultracapacitors (55.9%). The microelectronics product line was sold in Apr 2016.
In the quarter under review, the company’s cost of revenue was $17.9 million, down 42% year over year.
Total operating expenses were $13.6 million in the quarter, or 53.2% of revenues, compared with $14.9 million, or 33.1% of revenues in the prior-year quarter.
As of Sep 30, 2016, Maxwell Technologies had cash and cash equivalents of $27.8 million, compared with $24.4 million as of Dec 31, 2015.
Long-term debt (excluding current portion) was $0.06 million as of Sep 30, 2016, up from $0.05 million as of Dec 31, 2015.
Guidance
Maxwell expects total revenue in the range of $24–$27 million for the fourth quarter of 2016. Non-GAAP gross margin is expected to be 27–30%. Non-GAAP operating expense is projected in the range of $12.3–$12.7 million.
TTM Technologies Inc. (TTMI - Free Report) also carries a Zacks Rank #1. The company reported third-quarter 2016 earnings of 36 cents, beating the Zacks Consensus Estimate of 32 cents by 12.5%.
Stoneridge Inc. (SRI - Free Report) is a Zacks Rank #2 (Buy) stock. For the third quarter of 2016, the company reported earnings of 36 cents, beating the Zacks Consensus Estimate of 35 cents by 25.7%.
Zacks Rank
Maxwell Technologies currently has a Zacks Rank #3 (Hold).
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Maxwell (MXWL) Q3 Loss Lower than Expected, Sales Down
Maxwell Technologies, Inc. incurred adjusted loss of 21 cents per share in the third quarter of 2016, narrower than the Zacks Consensus Estimate of a loss of 22 cents but wider than the year-ago loss of 5 cents.
On a non-GAAP basis, the company reported earnings of 18 cents per share. In the third quarter of 2015, it has registered earnings of a penny.
Revenues
Maxwell Technologies’ third-quarter revenues of $25.5 million surpassed the Zacks Consensus Estimate of $25 million by 2%. Revenues, however, declined 43.4% from the year-ago figure of $45.1 million primarily due to lower sales of ultracapacitors (55.9%). The microelectronics product line was sold in Apr 2016.
MAXWELL TECH Price, Consensus and EPS Surprise
MAXWELL TECH Price, Consensus and EPS Surprise | MAXWELL TECH Quote
Operational Highlights
In the quarter under review, the company’s cost of revenue was $17.9 million, down 42% year over year.
Total operating expenses were $13.6 million in the quarter, or 53.2% of revenues, compared with $14.9 million, or 33.1% of revenues in the prior-year quarter.
Financial Condition
As of Sep 30, 2016, Maxwell Technologies had cash and cash equivalents of $27.8 million, compared with $24.4 million as of Dec 31, 2015.
Long-term debt (excluding current portion) was $0.06 million as of Sep 30, 2016, up from $0.05 million as of Dec 31, 2015.
Guidance
Maxwell expects total revenue in the range of $24–$27 million for the fourth quarter of 2016. Non-GAAP gross margin is expected to be 27–30%. Non-GAAP operating expense is projected in the range of $12.3–$12.7 million.
Peer Releases
OSI Systems, Inc. (OSIS - Free Report) reported earnings of 44 cents in the first quarter fiscal 2017, beating the Zacks Consensus Estimate of 35 cents by 2.9%. The company sports a Zacks Rank #1(Strong Buy).You can see the complete list of today’s Zacks #1 Rank stocks here.
TTM Technologies Inc. (TTMI - Free Report) also carries a Zacks Rank #1. The company reported third-quarter 2016 earnings of 36 cents, beating the Zacks Consensus Estimate of 32 cents by 12.5%.
Stoneridge Inc. (SRI - Free Report) is a Zacks Rank #2 (Buy) stock. For the third quarter of 2016, the company reported earnings of 36 cents, beating the Zacks Consensus Estimate of 35 cents by 25.7%.
Zacks Rank
Maxwell Technologies currently has a Zacks Rank #3 (Hold).
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>