AVX Corporation (NYSE: AVX) today reported preliminary unaudited results for the third quarter ended December 31, 2014.
Chairman and Chief Executive Officer, John Gilbertson, stated, "The quarter was not as active as last year as revenue was impacted by conservative customer inventory management, a modest holiday season and currency movement. AVX's operations continued to perform well during the quarter as we focused on advanced components with better margin opportunity and implemented stringent cost controls. Gross margin improved to 24.5% in the quarter ended December 31, 2014 compared to 19.6% in the quarter ended December 31, 2013. We anticipate an increase in electronic applications and increased new product introductions in many markets during the next year."
For the quarter ended December 31, 2014, net sales were $321.7 million and net income was $39.0 million, or $0.23 per diluted share, compared to net sales of $346.2 million and net income of $31.4 million, or $0.19 per diluted share, for the quarter ended December 31, 2013.
For the nine months ended December 31, 2014, net sales were $1,037.7 million and net income was $124.3 million or $0.74 per diluted share, compared to net sales of $1,091.4 million and net income of $87.9 million, or $0.52 per diluted share, for the nine months ended December 31, 2013.
Chief Financial Officer, Kurt Cummings, stated, "We continued to generate positive cash flows from operations and use our resources to enhance shareholder value by paying increased dividends totaling $17.6 million in the quarter. With cash, cash equivalents and short and long-term investments in securities of $990.8 million and no debt at December 31, 2014, the Company has the resources to expand operations and invest in our future."
AVX, headquartered in Greenville, South Carolina, is a leading manufacturer and supplier of a broad line of passive electronic components and related products.
Please visit our website at www.avx.com.