Maxwell Technologies, Inc.
) reported an adjusted loss of 4 cents per share in the second
quarter of 2014 as against earnings of 12 cents per share in the
year-ago quarter. Quarterly loss was wider than the Zacks Consensus
Estimate of a loss of a penny. The year-over-year decline was due
to lower revenues.
Maxwell Technologies, Inc - Earnings Surprise |
Maxwell Technologies' revenues of $46.1 million in the reported
quarter surpassed the Zacks Consensus Estimate of $46 million by
0.2%. However, the reported top line dropped 17.1% year over year
due to lower ultracapacitor (down 13.7% year over year) and high
voltage capacitor and microelectronics products (down 25.6%)
In the quarter under review, Maxwell Technologies' cost of revenue
was $29.5 million, down 13.2% year over year.
Total operating expenses edged down 1.1% to $17.2 million from
$17.4 million a year ago.
In the second quarter, the company's interest expense was $0.03
million compared with $0.04 million in the prior-year quarter.
In Jun 2014, Maxwell Technologies introduced a new 2.85 volt,
3400-farad ultracapacitor cell integrating its DuraBlue Shock and
Vibration Technology. The introduction of the new cell will improve
the performance of its K2 family of ultracapacitors and boost
As of Jun 30, 2014, Maxwell Technologies had cash and cash
equivalents of $30.7 million versus $30.6 million as of Dec 31,
Long-term debt (excluding current portion) was $0.07 million as of
Jun 30, 2014, down from $0.1 million as of Dec 31, 2013.
During the first half of 2014, net cash from (used in) operating
activities was ($0.6) million compared with $18 million in the
Maxwell Technologies expects revenues in third-quarter 2014 to
decline approximately 15% from the preceding quarter on the basis
of customer projections for bus and other ultracapacitor
applications and contracts for microelectronics and high voltage
Other Earnings Releases
Ballard Power Systems Inc. (
) reported a second-quarter 2014 loss of 3 cents, in line with the
Zacks Consensus Estimate.
Littelfuse Inc. (
) announced second-quarter 2014 earnings of $1.26 per share,
missing the Zacks Consensus Estimate of $1.31 by 3.8%.
Maxwell Technologies currently has a Zacks Rank #3 (Hold). However,
a better-ranked stock in the same industry is AVX Corporation (
), carrying a Zacks Rank #1 (Strong Buy).
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