U.S. Markets open in 4 hrs 35 mins

Free Post Earnings Research Report: Marvell Technology Group's Quarterly Earnings Advanced 33.33%

LONDON, UK / ACCESSWIRE / June 28, 2018 / If you want access to our free earnings report on Marvell Technology Group Ltd (NASDAQ: MRVL) ("Marvell"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=MRVL. On May 31, 2018, Marvell reported financial results for the first quarter of 2019 ending May 05, 2018. The Company surpassed analysts' estimates for earnings as well as revenue in Q1 FY19. Register today and get access to over 1,000 Free Research Reports by joining our site below:

www.active-investors.com/registration-sg

Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Marvell Technology Group most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=MRVL

Earnings Highlights and Summary

Marvell's total revenues for Q1 FY19 reached $604.63 million, reflecting an increase of 5.57% from $572.71 million in Q1 FY18. The reported revenue number exceeded analysts' consensus estimates by $2.62 million.

This growth in revenue was driven by the performance of Marvell's storage, networking and connectivity businesses, which grew 7% on a y-o-y basis in the reported quarter. In the quarter under review, Marvell's storage division accounted for 52% of the total sales while networking division accounted for 26% and connectivity division for 15%.

Marvell's cost of goods sold was $228.94 million in Q1 FY19, up 0.77% from $227.20 million in Q1 FY18. The Company's gross profit advanced 8.74% to $375.69 million in the quarter under review from $345.51 million in the year-ago same quarter.

During Q1 FY19, Marvell incurred total operating expenses of $250.61 million, an increase of 2.67% from $244.09 million in Q1 FY18. In the quarter under review, the Company’s research and development (R&D) expenses fell 6.04% to $176.73 million on a y-o-y basis, while selling, general, and administrative (SG&A) expenses jumped 31.23% to $72.31 million on a y-o-y basis. Marvell had an operating income from continuing operations of $125.08 million in Q1 FY19, 23.32% higher than $101.43 million in Q1 FY18.

Marvell's net income from continuing operations for the quarter ending May 05, 2018, was $128.61 million, up 29.14% from $99.59 million in the same period last year. The Company's DEPS also rose 25% to $0.25 in the reported quarter from $0.20 in the year-ago corresponding quarter. The reported earnings included share-based compensation, restructuring related charges, and other non-recurring operating expenses. Marvell's adjusted DEPS, excluding these non-recurring items, was $0.32 in Q1 FY19, up 33.33% from $0.24 in Q1 FY18. This exceeded analysts' consensus estimates by $0.01 per share.

Cash Matters

Marvell had cash and cash equivalents of $1.17 billion as on May 05, 2018, an increase of 31.38% from $888.48 million as on February 03, 2018.

Marvell's net cash flow from operating activities for the three months ending May 05, 2018, was $128.77 million, 4.03% lower than $134.18 million for the same period last year.

Marvell spent $13.59 million on purchases of property, plant and equipment in Q1 FY19 compared to $9.74 million in Q1 FY18, reflecting an increase of 39.49%. The Company paid $29.80 million in dividends in Q1 FY19, 0.64% lower than $29.99 million in Q1 FY18.

Outlook

For the second quarter of fiscal 2019, Marvell expects revenue to be in the range of $600 million to $630 million. This range excludes approximately $7 million in revenue from a Chinese OEM due to the trade restrictions imposed by the US government. The Company forecasts GAAP and non-GAAP gross margins of 63% to 64% for Q2 FY19.

Marvell expects GAAP DEPS from continuing operations to be in the range of $0.22 to $0.26 per share and non-GAAP DEPS from continuing operations to be in the range of $0.32 to $0.36 per share in Q2 FY19.

Stock Performance Snapshot

June 27, 2018 - At Wednesday's closing bell, Marvell Technology Group's stock rose 1.05%, ending the trading session at $20.12.

Volume traded for the day: 10.74 million shares, which was above the 3-month average volume of 8.06 million shares.

Stock performance in the past twelve-month period - up 19.83%

After yesterday's close, Marvell Technology Group's market cap was at $10.27 billion.

Price to Earnings (P/E) ratio was at 22.11.

The stock has a dividend yield of 1.19%.

The stock is part of the Technology sector, categorized under the Semiconductor - Integrated Circuits industry.

Active-Investors:

Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

A-I has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email info@active-investors.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: info@active-investors.com
Phone number: 73 29 92 6381
Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia

SOURCE: Active-Investors