AVX Corporation Announces Preliminary Q2 Results
GREENVILLE, S.C.–(BUSINESS WIRE)–AVX Corporation (NYSE: AVX) today reported preliminary unaudited results for the second quarter ended September 30, 2015.
Chief Executive Officer and President, John Sarvis, stated, “We completed our second quarter of the fiscal year with net sales of $304.4 million for the quarter, generally in line with expectations. Solid operating results continued with gross profit of $71.8 million, or 23.6%, reflecting our focus on the sale of higher margin value-added components coupled with cost control. Orders for our components and interconnect devices continued to reflect our customers’ cautious expectations for end market growth. Although we continue to be optimistic that the continuing evolution of new electronic devices should provide growth opportunities, the timing for global stability and consumer confidence remains uncertain.”For the quarter ended September 30, 2015, net sales were $304.4 million. The sales decline from the three month period ended September 30, 2014, in addition to generally weaker global economic conditions, is due to the negative impact on reported sales resulting from the strength of the U.S. Dollar and the reduction in sales of Kyocera Resale Connector products in the Asian region. Effective April 1, 2015, Kyocera began selling such Kyocera manufactured connectors in Asia using Kyocera’s sales force rather than having AVX resell such products in that region.On a U.S. GAAP basis (including special charges), unaudited results include net income for the current quarter of $27.9 million, or $0.17 per diluted share, compared to net sales of $365.4 million and net income of $44.6 million, or $0.27 per diluted share, for the quarter ended September 30, 2014. Non-GAAP net income (excluding special charges) was $31.8 million, or $0.19 per diluted share, for the quarter ended September 30, 2015.