Maxwell EPS In Line, Misses Revenue - Analyst Blog
28 April 2012 - 12:45AM
Zacks
Energy storage and power delivery products maker,
Maxwell Technologies Inc. (MXWL) reported first
quarter 2012 adjusted earnings (earnings before non-recurring
items, but including stock-based compensation expense) of 2 cents
per share, in line with the Zacks Consensus Estimate. Results also
came above the year-ago quarterly loss of 3 cents per share.
On a reported basis, the company reported earnings of 2 cents
per share in the quarter versus a penny in the year-ago
quarter.
Operational Performance
Maxwell Technologies’ revenue was $39.2 million in the first
quarter 2012, up 11% from $35.3 million in the year-ago quarter,
but falling behind the Zacks Consensus Estimate of $41.0 million.
Ultracapacitor revenue was $22.0 million, up 3% year over year.
Revenue from high voltage capacitor and microelectronics products
was $17.2 million, up 24% from the year-ago quarter. The quarter
witnessed steady demand for Ultracapacitor based energy storage
systems to power hybrid electric transit buses, backup power
applications and stop-start idle elimination systems in micro
hybrid autos.
In the reported quarter, Maxwell Technologies clocked operating
income of $1.3 million, compared with an operating loss of $0.1
million in the year-ago period. Overall, the company recorded net
income of $0.5 million compared with $0.2 million in the year-ago
period.
Financial Condition
Maxwell Technologies reported cash and cash equivalents of $30.6
million compared with $29.3 million at fiscal-end 2011. Long-term
debt rose to $3.5 million in the reported quarter from $0.1 million
at fiscal-end 2011.
Background
Maxwell Technologies is a leading manufacturer of
ultracapacitors, high-voltage capacitors and microelectronics
products. Looking ahead, the company’s products are sure to
experience strong demand growth related to the utility
infrastructure, renewable energy, public transportation, and space
programs. Particularly, the company’s key end markets appear likely
to benefit from government stimulus programs as well as more
stringent automotive emissions legislation.
Outlook
We presently retain a short-term Zacks #3 Rank (Hold) and a
longer-term Neutral recommendation on the stock. Thus, the company
is in line with its peers like Advanced Photonix
Inc. (API) and Anaren Inc. (ANEN).
ANAREN INC (ANEN): Free Stock Analysis Report
ADV PHOTONIX -A (API): Free Stock Analysis Report
MAXWELL TECH (MXWL): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
Anaren, Inc. (MM) (NASDAQ:ANEN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Anaren, Inc. (MM) (NASDAQ:ANEN)
Historical Stock Chart
From Jul 2023 to Jul 2024