Electronic components maker AVX moves to fiscal 4th-qtr profit on higher sales, lower charges

AVX moves to fiscal 4Q profit as sales improve

GREENVILLE, S.C. — Electronic components maker AVX Corp. on Monday reported it moved to a fiscal fourth-quarter profit from a year-ago loss that was weighed by higher charges and lower sales.

For the three months ended March 31, the company earned $46.5 million, or 27 cents per share, compared with a loss of $1.8 million, or a penny per share, in the same period a year earlier.

Adjusted earnings were 28 cents per share in the latest quarter and 11 cents per share in the year-ago period.

Revenue rose 35 percent to $367.4 million from $271.8 million.

Analysts, on average, predicted profit of 26 cents per share on revenue of $364.8 million, according to a poll by Thomson Reuters.

The year-ago results included a one-time environmental charge. Restructuring charges were included in both the year-ago quarter and the latest period.

“While global economic conditions improve, we have seen both an improvement in demand levels as well as inventory replenishment in most markets,” said John Gilbertson, president and CEO, in a statement. “We are seeing our customers book longer term orders, indicating their confidence in the continuing strength in the economy.”

For the full year, the company earned $142.8 million, or 84 cents per share, up from a profit of $80.8 million, or 47 cents per share, in the same period a year earlier.

Revenue fell 6 percent to $1.3 billion from $1.39 billion.

Shares rose 17 cents to $15.21 in afternoon trading. The stock earlier set a new year high of $15.45, eclipsing a prior peak of $15.12.