MANHASSET, N.Y. Passive component supplier AVX Corp. (Myrtle Beach, S.C.) reported net earnings of $18.6 million, or 11 cents per share, on sales of $330.0 million in its second fiscal 2005 quarter ended September 30, 2004. Earnings met the 10 cents per share guidance of Thomson First Call analysts.
By comparison, AVX earned $22.9 million, or 13 cents per share, on sales of $345 million in the previous fiscal quarter, while recording a net loss of $77 million, or 44 cents per share, on sales of $267.3 million in the year-ago quarter.
Like other passives suppliers, AVX has seen its earnings and sales flatten in recent months due to a weakening market, noted American Technology Research analyst Andrew Huang in a recent report.
On the positive side, AVX said its income from operations improved to $27.1 million for the quarter, reflecting a lower cost structure resulting from the company's restructuring actions taken to streamline operations, reduce operating costs and enhance production capabilities in low cost regions, as well as lower material costs.