AVX Corporation (AVX) has reported a 560.94 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $35.52 million, or $0.21 a share in the quarter, compared with $5.37 million, or $0.03 a share for the same period last year.
Revenue during the quarter grew 18.73 percent to $340.80 million from $287.05 million in the previous year period. Gross margin for the quarter expanded 29 basis points over the previous year period to 23.30 percent. Operating margin for the quarter period stood at positive 14.95 percent as compared to a negative 0.93 percent for the previous year period.
Operating income for the quarter was $50.94 million, compared with an operating loss of $2.67 million in the previous year period.
Chief executive officer and president, John Sarvis, stated, "We completed the third quarter of our fiscal year with net sales of $340.8 million reflecting a 4.1 percent increase over the previous quarter and an 18.7 percent increase over the same quarter in the prior year. Our results continue to reflect solid operating results with a gross profit of 23.3 percent reflective of our focus on value added products for our customers and our focus on cost control. Once again, we saw a build in our order backlog during the quarter and increased distribution customer activity. We will continue to make investments in manufacturing plant expansion and product line increases to support our customers' growing requirements."
Working capital increases
AVX Corporation has recorded an increase in the working capital over the last year. It stood at $1,599.81 million as at Dec. 31, 2016, up 6.98 percent or $104.32 million from $1,495.49 million on Dec. 31, 2015. Current ratio was at 8.49 as on Dec. 31, 2016, down from 10.35 on Dec. 31, 2015.
Cash conversion cycle (CCC) has decreased to 119 days for the quarter from 267 days for the last year period. Days sales outstanding went down to 56 days for the quarter compared with 72 days for the same period last year.
Days inventory outstanding has decreased to 82 days for the quarter compared with 208 days for the previous year period. At the same time, days payable outstanding went up to 19 days for the quarter from 13 for the same period last year.
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