AVX 2Q profit rises 14 percent on lower charges

AVX 2nd-quarter earnings rise as restructuring charges decline

• On 6:21 pm EDT, Friday October 23, 2009

MYRTLE BEACH, S.C. (AP) -- AVX Corp. said Friday that its fiscal second-quarter profit rose 14 percent as restructuring charges declined.

For the quarter ended Sept. 30, the electronic components maker's net income advanced to $31.6 million, or 19 cents per share, from $27.8 million, or 16 cents per share, in the year-earlier quarter.

Restructuring charges in the latest quarter were $612,000, compared with $3.3 million in the year-earlier period.

When excluding one-time items, AVX earned 19 cents per share.

Revenue fell 22 percent to $310.5 million from $400.3 million last year.

Analysts polled by Thomson Reuters, who generally exclude one-time items from their estimates, expected a profit of 16 cents per share on $312.8 million in revenue.

AVX reported a lower cost of sales, and its selling, general and administrative expenses also declined.

Shares fell 23 cents, or 2 percent, to close at $11.37.