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Maxwell (MXWL) Q2 Loss Wider Than Expected, Revenues Miss
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Maxwell Technologies, Inc. reported adjusted loss of 21 cents per share in the second quarter of 2018, which was wider than the Zacks Consensus Estimate of loss of 19 cents. On a year-over-year basis as well, the bottom line widened from the year-ago loss of 15 cents per share.
Excluding one-time items, the company incurred loss of 30 cents per share, wider than loss of 28 cents reported in the prior-year quarter. The downside was due to lower revenues on a year-over-year basis.
Revenues
Maxwell Technologies’ second-quarter revenues of $29.5 million missed the Zacks Consensus Estimate of $31 million by 5%. Also, the top line decreased 20.6% from the year-ago figure of $37.1 million.
While high voltage revenues fell 43.8% in the quarter, energy storage revenues declined 9.5%, resulting in the overall decrease in total revenues.
The recent U.S. tariffs on China imports as well as unclear U.S. tax incentive policy caused uncertainty for some of the company’s customers, which in turn affected its high voltage capacitor revenues. The tariffs imposed by the U.S. administration also weighed on energy storage revenues.
Operational Highlights
In the quarter under review, the company’s cost of revenues was $24 million, down 18.1% year over year.
Total operating expenses were $15.4 million compared with $16.6 million in the prior-year quarter.
Capital expenditures during the second quarter were $3.9 million, primarily related to the Korea manufacturing facility expansion as well as ultracapacitor, lithium-ion capacitor and dry battery electrode equipment.
Maxwell Technologies, Inc. Price, Consensus and EPS Surprise
As of Jun 30, 2018, Maxwell Technologies had cash and cash equivalents of $21.5 million compared with $50.1 million as of Dec 31, 2017.
As of Jun 30, 2018, long-term debt (excluding current portion) was $36 million compared with $35.1 million as of Dec 31, 2017.
Net cash used in operating activities was $14,790 million at the end of second-quarter 2018, up from $2,677 million at the end of the prior-year period.
Highlight of the Quarter
In the reported quarter, Maxwell announced the launch of its new Grid Cell Pack and Grid Energy Storage System, two new highly scalable system solutions designed to deliver reliable, fast responding, long lifetime storage in grids and microgrids.
Guidance
Maxwell Technologies expects total revenues in the range of $32-$36 million for third-quarter 2018. The company projects adjusted net loss to be 18 cents per share.
Adjusted gross margin is expected in the range of 18.5-21.5%. Adjusted operating expenses are projected in the range of $12.8-$13.0 million.
TE Connectivity (TEL - Free Report) delivered third-quarter fiscal 2018 adjusted earnings of $1.43 per share, beating the Zacks Consensus Estimate by 6 cents. Notably, this marked the company’s 11th consecutive earnings beat. The figure also grew 15.3% year over year and steered past the projected range of $1.35-$1.37.
AMETEK (AME - Free Report) reported second-quarter 2018 adjusted earnings of 83 cents per share, beating the Zacks Consensus Estimate by 5 cents and also surpassed management’s guided range of 76-78 cents per share. Further, the figure increased 28% from the year-ago quarter and 6.4% sequentially.
Yandex N.V. (YNDX - Free Report) reported second-quarter 2018 adjusted earnings of 24 cents (RUB 101.25) per share missing the Zacks Consensus Estimate by couple of cents. However, the figure surged 20% on a year-over-year basis and 14.3% sequentially.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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Maxwell (MXWL) Q2 Loss Wider Than Expected, Revenues Miss
Maxwell Technologies, Inc. reported adjusted loss of 21 cents per share in the second quarter of 2018, which was wider than the Zacks Consensus Estimate of loss of 19 cents. On a year-over-year basis as well, the bottom line widened from the year-ago loss of 15 cents per share.
Excluding one-time items, the company incurred loss of 30 cents per share, wider than loss of 28 cents reported in the prior-year quarter. The downside was due to lower revenues on a year-over-year basis.
Revenues
Maxwell Technologies’ second-quarter revenues of $29.5 million missed the Zacks Consensus Estimate of $31 million by 5%. Also, the top line decreased 20.6% from the year-ago figure of $37.1 million.
While high voltage revenues fell 43.8% in the quarter, energy storage revenues declined 9.5%, resulting in the overall decrease in total revenues.
The recent U.S. tariffs on China imports as well as unclear U.S. tax incentive policy caused uncertainty for some of the company’s customers, which in turn affected its high voltage capacitor revenues. The tariffs imposed by the U.S. administration also weighed on energy storage revenues.
Operational Highlights
In the quarter under review, the company’s cost of revenues was $24 million, down 18.1% year over year.
Total operating expenses were $15.4 million compared with $16.6 million in the prior-year quarter.
Capital expenditures during the second quarter were $3.9 million, primarily related to the Korea manufacturing facility expansion as well as ultracapacitor, lithium-ion capacitor and dry battery electrode equipment.
Maxwell Technologies, Inc. Price, Consensus and EPS Surprise
Maxwell Technologies, Inc. Price, Consensus and EPS Surprise | Maxwell Technologies, Inc. Quote
Financial Condition
As of Jun 30, 2018, Maxwell Technologies had cash and cash equivalents of $21.5 million compared with $50.1 million as of Dec 31, 2017.
As of Jun 30, 2018, long-term debt (excluding current portion) was $36 million compared with $35.1 million as of Dec 31, 2017.
Net cash used in operating activities was $14,790 million at the end of second-quarter 2018, up from $2,677 million at the end of the prior-year period.
Highlight of the Quarter
In the reported quarter, Maxwell announced the launch of its new Grid Cell Pack and Grid Energy Storage System, two new highly scalable system solutions designed to deliver reliable, fast responding, long lifetime storage in grids and microgrids.
Guidance
Maxwell Technologies expects total revenues in the range of $32-$36 million for third-quarter 2018. The company projects adjusted net loss to be 18 cents per share.
Adjusted gross margin is expected in the range of 18.5-21.5%. Adjusted operating expenses are projected in the range of $12.8-$13.0 million.
Zacks Rank
Maxwell Technologies currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Computer and Technology Releases
TE Connectivity (TEL - Free Report) delivered third-quarter fiscal 2018 adjusted earnings of $1.43 per share, beating the Zacks Consensus Estimate by 6 cents. Notably, this marked the company’s 11th consecutive earnings beat. The figure also grew 15.3% year over year and steered past the projected range of $1.35-$1.37.
AMETEK (AME - Free Report) reported second-quarter 2018 adjusted earnings of 83 cents per share, beating the Zacks Consensus Estimate by 5 cents and also surpassed management’s guided range of 76-78 cents per share. Further, the figure increased 28% from the year-ago quarter and 6.4% sequentially.
Yandex N.V. (YNDX - Free Report) reported second-quarter 2018 adjusted earnings of 24 cents (RUB 101.25) per share missing the Zacks Consensus Estimate by couple of cents. However, the figure surged 20% on a year-over-year basis and 14.3% sequentially.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>