Maxwell Technologies, Inc. MXWL incurred adjusted loss of 21 cents per share in the third quarter of 2016, narrower than the Zacks Consensus Estimate of a loss of 22 cents but wider than the year-ago loss of 5 cents.
On a non-GAAP basis, the company reported earnings of 18 cents per share. In the third quarter of 2015, it has registered earnings of a penny.
Revenues
Maxwell Technologies’ third-quarter revenues of $25.5 million surpassed the Zacks Consensus Estimate of $25 million by 2%. Revenues, however, declined 43.4% from the year-ago figure of $45.1 million primarily due to lower sales of ultracapacitors (55.9%). The microelectronics product line was sold in Apr 2016.
MAXWELL TECH Price, Consensus and EPS Surprise
MAXWELL TECH Price, Consensus and EPS Surprise | MAXWELL TECH Quote
Operational Highlights
In the quarter under review, the company’s cost of revenue was $17.9 million, down 42% year over year.
Total operating expenses were $13.6 million in the quarter, or 53.2% of revenues, compared with $14.9 million, or 33.1% of revenues in the prior-year quarter.
Financial Condition
As of Sep 30, 2016, Maxwell Technologies had cash and cash equivalents of $27.8 million, compared with $24.4 million as of Dec 31, 2015.
Long-term debt (excluding current portion) was $0.06 million as of Sep 30, 2016, up from $0.05 million as of Dec 31, 2015.
Guidance
Maxwell expects total revenue in the range of $24–$27 million for the fourth quarter of 2016. Non-GAAP gross margin is expected to be 27–30%. Non-GAAP operating expense is projected in the range of $12.3–$12.7 million.
Peer Releases
OSI Systems, Inc. OSIS reported earnings of 44 cents in the first quarter fiscal 2017, beating the Zacks Consensus Estimate of 35 cents by 2.9%. The company sports a Zacks Rank #1(Strong Buy).You can see the complete list of today’s Zacks #1 Rank stocks here.
TTM Technologies Inc. TTMI also carries a Zacks Rank #1. The company reported third-quarter 2016 earnings of 36 cents, beating the Zacks Consensus Estimate of 32 cents by 12.5%.
Stoneridge Inc. SRI is a Zacks Rank #2 (Buy) stock. For the third quarter of 2016, the company reported earnings of 36 cents, beating the Zacks Consensus Estimate of 35 cents by 25.7%.
Zacks Rank
Maxwell Technologies currently has a Zacks Rank #3 (Hold).
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