Energy storage and power delivery products maker, Maxwell Technologies Inc. (MXWL) reported first quarter 2012 adjusted earnings (earnings before non-recurring items, but including stock-based compensation expense) of 2 cents per share, in line with the Zacks Consensus Estimate. Results also came above the year-ago quarterly loss of 3 cents per share.
On a reported basis, the company reported earnings of 2 cents per share in the quarter versus a penny in the year-ago quarter.
Maxwell Technologies’ revenue was $39.2 million in the first quarter 2012, up 11% from $35.3 million in the year-ago quarter, but falling behind the Zacks Consensus Estimate of $41.0 million. Ultracapacitor revenue was $22.0 million, up 3% year over year. Revenue from high voltage capacitor and microelectronics products was $17.2 million, up 24% from the year-ago quarter. The quarter witnessed steady demand for Ultracapacitor based energy storage systems to power hybrid electric transit buses, backup power applications and stop-start idle elimination systems in micro hybrid autos.
In the reported quarter, Maxwell Technologies clocked operating income of $1.3 million, compared with an operating loss of $0.1 million in the year-ago period. Overall, the company recorded net income of $0.5 million compared with $0.2 million in the year-ago period.
Maxwell Technologies reported cash and cash equivalents of $30.6 million compared with $29.3 million at fiscal-end 2011. Long-term debt rose to $3.5 million in the reported quarter from $0.1 million at fiscal-end 2011.
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.
We presently retain a short-term Zacks #3 Rank (Hold) and a longer-term Neutral recommendation on the stock. Thus, the company is in line with its peers like Advanced Photonix Inc. (API) and Anaren Inc. (ANEN).Read the Full Research Report on MXWL
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