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:
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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.
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.
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.
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