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Marvell tops Street 4Q forecasts

HAMILTON, Bermuda (AP) _ Marvell Technology Group Ltd. (MRVL) on Thursday reported fiscal fourth-quarter net income of $48.8 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Hamilton, Bermuda-based company said it had net income of 10 cents. Earnings, adjusted for one-time gains and costs, were 32 cents per share.

The results surpassed Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.

The chipmaker posted revenue of $615.4 million in the period, also exceeding Street forecasts. Nine analysts surveyed by Zacks expected $611.6 million.

For the year, the company reported profit of $520.8 million, or $1.02 per share. Revenue was reported as $2.41 billion.

For the current quarter ending in May, Marvell expects its per-share earnings to range from 29 cents to 33 cents.

The company said it expects revenue in the range of $585 million to $615 million for the fiscal first quarter. Analysts surveyed by Zacks had expected revenue of $595.1 million.

Marvell shares have increased 10 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $23.68, a climb of 49 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MRVL at https://www.zacks.com/ap/MRVL