NVE Corporation (NVEC) reported third-quarter fiscal 2015 earnings of 57 cents per share, missing the Zacks Consensus Estimate of 71 cents by 19.7%. Quarterly earnings were flat compared with the prior-year figure.
Total Revenue
In the quarter under review, total revenue came in at $6.29 million, lagging the Zacks Consensus Estimate of $8 million by 21.4%. The reported top line decreased by 2.8% year over year primarily due to lower product sales. This was partially offset by strong contribution from contract research and development revenues.
Quarterly Highlights
NVE Corporation spent $1.47 million in the third quarter of fiscal 2015 as cost of sales, up 1.7% year over year.
The company’s gross profit stood at $4.82 million compared with $5.02 million a year ago.
Total expenses decreased 15.2% year over year to $1.23 million, primarily on the back of lower selling, general and administrative, and research and development expenses.
Interest income in the reported quarter was $0.56 million, up 5.2% year over year mainly due to a rise in the interest-bearing marketable securities.
Dividend Update
During the third-quarter fiscal 2015 earnings call, the board of directors announced that NVE Corporation will distribute a cash dividend of total $10 million on Feb 27, 2015 to its shareholders of record as on Feb 2.
Financial Update
As of Dec 31, 2014, NVE Corporation had cash and cash equivalents of $11.8 million versus $1.26 million as of Mar 31, 2014.
Long-term deferred tax liabilities as of Dec 31, 2014 were $0.22 million compared with $0.35 million as of Mar 31, 2014.
Net cash from operating activities in the first nine months of fiscal 2015 was $10.85 million compared with $9.82 million in the prior-year period.
At its Peers
Avago Technologies Limited (AVGO) reported fourth-quarter fiscal 2014 earnings of $1.82 per share, surpassing the Zacks Consensus Estimate of $1.52 by 19.7%.
Ambarella, Inc. (AMBA) reported third-quarter fiscal 2015 earnings of 57 cents per share, surpassing the Zacks Consensus Estimate of 44 cents by 29.6%.
Mellanox Technologies, Ltd. (MLNX) is scheduled to release its fourth-quarter 2014 earnings on Jan 28, 2015. The Zacks Consensus Estimate is pegged at 19 cents.
Zacks Rank
NVE Corporation currently carries a Zacks Rank #3 (Hold).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Be the first to comment