Energy storage and power delivery products maker,
Maxwell Technologies Inc.
) reported second quarter 2012 adjusted earnings (earnings before
non-recurring items, but including stock-based compensation
expense) of 9 cents per share, higher than the Zacks Consensus
Estimate of a penny. Results also came above the year-ago quarterly
earnings of 4 cents per share.
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On a reported basis, the company reported earnings of 9 cents per
share in the quarter versus loss of 4 cents in the year-ago
Maxwell Technologies' revenue was $40.9 million in the second
quarter 2012, up 6% from $38.5 million in the year-ago quarter, and
in line with the Zacks Consensus Estimate. Ultracapacitor revenue
was $24.2 million, slightly lower than the $24.4 million recorded
in the year-ago period. Revenue from high voltage capacitor and
microelectronics products was $16.7 million, up 19% from the
In the reported quarter, Maxwell Technologies clocked operating
income of $3.4 million, compared with an operating loss of $1.6
million in the year-ago period. Overall, the company recorded net
income of $2.7 million compared with a loss of $1.2 million in the
Maxwell Technologies reported cash and cash equivalents of $22.3
million compared with $29.3 million at year-end 2011. Long-term
debt rose to $3.4 million in the reported quarter from $0.1 million
at year-end 2011. In the reported quarter the company spent $4.2
million in capital investments focusing on capacity expansion and
product development for ultracapacitor products.
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 from more stringent automotive
Maxwell Technologies, based on current order flow and customer
forecasts in core ultracapacitor market segments, expects
sequential top-line growth of 7%-10% in the third quarter of 2012.
Overall, for full-year 2012, the company expects year-over-year
growth in the range of 15%-20%. The company's bullishness comes on
the heels of its major market China's five-year plan which calls
for wind energy to account for 3% to 5% of the country's total
power generation by 2020. Also, the company's Ultracapacitor sales
for hybrid bus drive systems are also going strong as the Chinese
central government and many regional and local governments continue
to provide subsidies and policy support for hybridization of public
transit vehicles to both improve fuel efficiency and to reduce
urban air pollution.
The stock retains a short-term Zacks #3 Rank (Hold), in sync with
our longer-term Neutral recommendation. Thus, the company is in
line with its peers
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