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NVE (NVEC) Beat Q3 Earnings Estimates on Lower Expenses

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NVE Corporation reported third-quarter fiscal 2018 earnings of 78 cents per share, which beat the Zacks Consensus Estimate of 63 cents by 23.8%. Quarterly earnings were also higher than 72 cents in the year-ago quarter.

Total Revenues

In the quarter under review, total revenues were $7.36 million, surpassing the Zacks Consensus Estimate of $7 million by 5.1%. Revenues declined 1% from $7.46 million the year-ago quarter. The downside was caused by 9% drop in product sales which was offset by a 164% surge in contract research and development revenues.

NVE Corporation Price, Consensus and EPS Surprise

NVE Corporation Price, Consensus and EPS Surprise | NVE Corporation Quote

Quarterly Highlights

NVE’s gross profit was $5.70 million, down 4.2% from $5.95 million a year ago.

Total expenses dropped 3.3% year over year to $1.17 million, thanks to lower selling, general and administrative expenses.

Interest income in the reported quarter was $0.40 million, up 2.3% than year over year.

Tax rate reduced to 27.7% from 32.3% in the year-ago quarter due to the implementation of the Tax Cuts and Jobs Act.

Financial Position

As of Dec 31, 2017, NVE had cash and cash equivalents of $4.72 million, compared with $8.19 million as of Mar 31, 2017.

Operating cash flow in the first nine months of fiscal 2018 was $11.32 million, up 2.8% from $11 million a year ago.

Upcoming Peer Releases

SMART Global Holdings (SGH - Free Report) is expected to release second-quarter fiscal 2018 earnings on Mar 15. The Zacks Consensus Estimate for earnings is pegged at $1.33.

Broadcom Limited (AVGO - Free Report) is expected to release first-quarter fiscal 2018 earnings on Mar 7. The Zacks Consensus Estimate for earnings is pegged at $4.95.

Himax Technologies (HIMX - Free Report) is expected to release fourth-quarter 2017 earnings on Feb 15. The Zacks Consensus Estimate for earnings is pegged at 15 cents.

Zacks Rank

NVE Corporation currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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