Maxwell Technologies, Inc. (MXWL - Free Report) reported adjusted loss of 16 cents per share in the third quarter of 2018, which was narrower than the Zacks Consensus Estimate of loss of 18 cents. However, on a year-over-year basis, the bottom line widened from the year-ago loss of 13 cents per share.
Excluding one-time items, the company incurred loss of 23 cents per share, narrower than loss of 37 cents in the prior-year quarter.
Maxwell Technologies’ third-quarter revenues of $33.7 million missed the Zacks Consensus Estimate of 34 million by a marginal 0.9%. However, the top line decreased 6.4% from the year-ago quarter’s $36 million.
High voltage revenues fell 12.8% in the quarter and energy storage revenues declined 3.7%, resulting in the overall decrease in total revenues.
In the quarter under review, the company’s cost of revenues was $27.4 million, down 4% year over year.
Total operating expenses were $14.6 million compared with $20.7 million in the prior-year quarter. The sequential decrease was driven primarily by lower stock-based compensation expenses.
Capital expenditures during the quarter were $1.9 million, primarily related to the expansion of the Korea manufacturing facility, and ultra capacitor, lithium-ion capacitor and dry battery electrode equipment.
Q3 Business Highlights
Maxwell announced a grid energy storage subsystem design-in with Siemens Transmission Solutions. This solution is intended to stabilize global power grids, enabling ISOs, electric utilities and transmission system operators to have better control of their grids and reduce the risk of blackouts.
Maxwell announced that its CONDIS® branded capacitors will be the first to market with the largest 550kV DC meshed grid, which includes four types of new capacitors for DC converter valve ultra high voltage circuit breakers using four lines and four substations.
Maxwell Technologies, Inc. Price, Consensus and EPS Surprise