AVX Corporation (AVX) has reported a 3.52 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $32.66 million, or $0.19 a share in the quarter, compared with $33.86 million, or $0.20 a share for the same period last year. Revenue during the quarter dropped 7.88 percent to $303.60 million from $329.58 million in the previous year period. Gross margin for the quarter expanded 204 basis points over the previous year period to 24.40 percent. Total expenses were 86.75 percent of quarterly revenues, up from 86.32 percent for the same period last year. That has resulted in a contraction of 42 basis points in operating margin to 13.25 percent.
Operating income for the quarter was $40.24 million, compared with $45.08 million in the previous year period.
chief financial officer, Kurt Cummings, stated, “In keeping with our long-term strategy, we continue to foster our financial strength in order to allow flexibility for investments in potential acquisitions, materials, equipment and people to support the long-term growth of the Company. As of March 31, 2017, we had cash, cash equivalents and short-term investments in securities of approximately $1.1 billion and no debt. We continued to use our resources to provide value to our stockholders during the quarter by paying $18.5 million in dividends to stockholders.”
Working capital remains stable
Working capital of AVX Corporation remained stable for the quarter at $1,506.59 million, when compared with the previous year period. Current ratio was at 9.36 as on Mar. 31, 2017, up from 9.36 on Mar. 31, 2016.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
