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AVX sees Q3 shipments down 4%-6%, in-line with last year

AVX said that its visibility going forward is "uncertain" during the holiday product build period, but that it expects typical seasonality during customer holiday shutdowns in December, which will result in lower shipments. The company said last year in its Q3 it saw a drop of about 6% due to customers closures and that it thinks shipments in Q3 this year will decline in line with last year, by about 4% to 6%. The company added that it produced more in the summer months than normal, which helped operating performance., but the slower holiday period production late will hurt the December quarter. AVX noted it thinks activity in the new calendar year should track to general economic conditions and anticipated demand improvements. Comments made on Q2 earnings conference call.