Maxwell Technologies, Inc. (MXWL - Free Report) 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.
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.
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