Maxwell Technologies, Inc.
) posted first quarter 2014 earnings of 4 cents per share,
comfortably surpassing the Zacks Consensus Estimate of a loss of
8 cents. The quarterly figure also jumped 100% from earnings of 2
cents a year ago.
This bottom-line improvement is directly attributable to higher
In first quarter 2014, the company's total revenue came in at
$46.0 million, 17.9% above the Zacks Consensus Estimate of $39.0
million. However, the reported figure was down 3.7% from the
prior-year amount of $47.7 million.
Ultracapacitor revenue in the first quarter was $32.0 million,
down almost 5.3% year over year. On the other hand, revenue from
high voltage capacitor and microelectronics products was $14.0
million, remaining flat year over year.
Operating expenses incurred were $16.6 million, down 1.2% from
the year-ago figure of $16.8 million.
On a GAAP basis, operating expenses incurred during the quarter
were $17.1 million, down 2.4% year over year due to a decline in
selling, general and administrative expenses (down 4.9%). This
was partly offset by increased research and development expenses
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Cash and cash equivalents as of Mar 31, 2014 were $32.6 million
versus $30.6 million at the end of Dec 31, 2013. Long-term debt
was $0.083 million versus $0.1 million as of Dec 2013.
The company expects total revenue in the second quarter of 2014
to remain flat sequentially. The company provides an optimistic
outlook for its ultracapacitor product but also predicts weak
growth in its high voltage products primarily due to reduced
electric utility infrastructure spending.
AU Optronics Corp.
) announced first quarter 2014 earnings of 1 cent per share,
surpassing the Zacks Consensus Estimate of a loss of 6 cents by
Ballard Power Systems Inc.
) announced first quarter 2014 loss of 3 cents per share,
narrower than the Zacks Consensus Estimate of a loss of 4 cents
) announced first quarter 2014 earnings of $1.16 per share,
surpassing the Zacks Consensus Estimate of $1.15 per share by
Maxwell Technologies markets and sells its products in North
America, Europe and Asia. Maxwell recorded consistent growth in
its top line over the last couple of years. The company has a
strong order backlog of $28.1 million as of Dec 31, 2013. Hence,
the trend of rising demand for its products will likely persist
primarily from the utility infrastructure, renewable energy,
public transportation and space programs.
Last year, the Chinese government had declared a subsidy policy
on all electric buses and plug-in hybrid buses which incorporate
ultracapacitor modules. Hence, Maxwell Technologies previously
expected strong demand for ultracapacitor modules in 2014 driven
by high plug-in hybrid demand. However, presently the company
though looking forward to the strong demand in ultracapacitor
markets, expects limited demand in China.
The company plans to allocate around 60% of its capital spending
budget for the expansion of ultracapacitor production capacity as
well as upgrading its manufacturing processes in 2014. In the
near term, sales of ultracapacitors to support efficient,
cost-effective energy storage for recuperative braking systems in
low-emission, hybrid electric transit buses, zero-emission
electric rail vehicles and wind turbine blade fit systems will
drive Maxwell's growth.
However, some causes for concern remain like over-reliance on
third parties for manufacturing and logistics operations, foreign
currency risks and over-dependence on macro-economic factors.
The company presently holds a short term Zacks Rank #3