Maxwell Beats on Both Counts - Analyst Blog
February 17 2012 - 9:45AM
Zacks
Energy storage and power delivery products maker,
Maxwell Technologies Inc. (MXWL) reported fourth
quarter 2011 adjusted earnings (earnings before non-recurring
items, but including stock-based compensation expense) of 6 cents
per share, beating the Zacks Consensus Estimate of 4 cents. Results
also came above the year-ago quarterly earnings of 2 cents per
share.
On a reported basis, the company reported earnings of 6 cents
per share in the quarter versus a loss of 9 cents in the year-ago
quarter.
Operational Performance
Maxwell Technologies’ revenue was $42.5 million in the fourth
quarter 2011, up 24.1% from $34.2 million in the year-ago quarter,
and marginally beating the Zacks Consensus Estimate of $42.0
million. Ultracapacitor revenue was $26.2 million, up 30% year over
year. Revenue from high voltage capacitor and microelectronics
products was $16.3 million, up 16% from the year-ago quarter. The
quarter witnessed strong demand for ultracapacitor products in
backup power and stop-start idle elimination systems in micro
hybrid autos, along with higher demand from established customer
bases in wind energy and hybrid bus drive systems.
In the reported quarter, Maxwell Technologies clocked operating
income of $2.2 million, compared with an operating loss of $0.6
million in the year-ago period. Overall, the company recorded net
income of $1.6 million compared with a net loss of $2.4 million in
the year-ago period.
Financial Condition
Maxwell Technologies reported cash and cash equivalents of $29.3
million compared with $39.8 million at fiscal-end 2010. Long-term
debt decreased to $68 thousands only in the reported quarter from
$12.6 million at fiscal-end 2010.
Background
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 more
stringent automotive emissions legislation.
Outlook
We presently retain a short-term Zacks #2 Rank (Buy) and a
longer-term Neutral recommendation on the stock. Thus in the near
term we would advise investors to prefer the stock for accumulation
vis-à-vis its Zacks #3 Rank (Hold) peers like Advanced
Photonix Inc. (API) and Anaren Inc.
(ANEN).
ANAREN INC (ANEN): Free Stock Analysis Report
ADV PHOTONIX -A (API): Free Stock Analysis Report
MAXWELL TECH (MXWL): Free Stock Analysis Report
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