Maxwell Technologies Q3 Loss Narrower than Expected
Maxwell Technologies, Inc. (MXWL) reported an adjusted loss of 11 cents per share in the third quarter of 2014. Quarterly loss was narrower than the Zacks Consensus Estimate of a loss of 13 cents.
The reported number however came below the earnings of 23 cents per share in the year-ago quarter. The year-over-year decline was due to lower revenues.
Revenue
Maxwell Technologies’ revenues of $41.6 million in the reported quarter surpassed the Zacks Consensus Estimate of $38 million by 9.5%.
However, the reported top line dropped 18.8% year over year due to lower ultracapacitor (down 22.2% year over year) and higher voltage capacitor and microelectronics products (down 9.9%) revenues.
Operational Highlights
In the quarter under review, Maxwell Technologies’ cost of revenue was $26.1 million, down 13.2% year over year.
Total operating expenses edged up 17.4% to $16.9 million from $14.4 million a year ago as both selling, general and administrative expenses, and research and development expenses increased from the prior-year quarter.
Financial Condition
As of Sep 30, 2014, Maxwell Technologies had cash and cash equivalents of $30.8 million versus $30.6 million as of Dec 31, 2013.
Long-term debt (excluding current portion) was $0.04 million as of Sep 30, 2014, down from $0.1 million as of Dec 31, 2013.
Guidance
Maxwell Technologies expects revenues in fourth-quarter 2014 to increase approximately 25% from the preceding quarter on the basis of customer projections and other ultracapacitor applications, and contract wins of microelectronics and high voltage capacitor products.
Other Upcoming Releases
Active Power Inc. (ACPW) is slated to report its third-quarter 2014 results on Oct 28, 2014. The Zacks Consensus Estimate for the quarter is at a loss of 21 cents per share.
Ballard Power Systems Inc. (BLDP) is slated to report its third-quarter 2014 results on Oct 28, 2014. The Zacks Consensus Estimate for the quarter is at a loss of 1 cent per share.
Littelfuse Inc. (LFUS) is slated to report its third-quarter 2014 results on Oct 29, 2014. The Zacks Consensus Estimate for the quarter is $1.34 per share.
Zacks Rank
Maxwell Technologies currently has a Zacks Rank #3 (Hold).
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