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Maxwell (MXWL) Q1 Loss Wider than Expected, Revenues Up

Maxwell Technologies, Inc. MXWL incurred an adjusted loss of 18 cents per share in the first quarter of 2016, wider than the Zacks Consensus Estimate of loss of 16 cents. Reported loss, however, narrowed from the year-ago level of loss of 32 cents.

On a GAAP basis, the company reported a net loss of 22 cents per share, narrower than the year-ago figure of 32 cents.

Revenue

Maxwell Technologies’ first-quarter revenues of $35.2 million came in above both the Zacks Consensus Estimate and the year-ago figure of $34.7 million by 1.4% on the back of higher sales of ultracapacitors (7.2%) and microelectronics (69%). However, on a sequential basis, the reported figure plunged 29.4% mainly due to lower ultracapacitor revenues (37%).
 
Operational Highlights

In the quarter under review, the company’s cost of revenue was $25.6 million, up 4.9% year over year.

Total operating expenses were $15.9 million in the quarter, or 45.1% of revenues, compared with $18.9 million, or 54.4% of revenues in the prior-year quarter.

Financial Condition

As of Mar 31, 2016, Maxwell Technologies had cash and cash equivalents of $21.6 million, compared with $24.4 million as of Dec 31, 2015.

Long-term debt (excluding current portion) was $0.04 million as of Mar 31, 2016, down from $0.05 million as of Dec 31, 2015.

Guidance

Maxwell expects total revenue in the range of $34–$36 million for the second quarter of 2016. Non-GAAP gross margin is expected to be 30–32%. Non-GAAP operating expense is projected in the range of $13–$13.5 million.

Zacks Rank

Maxwell Technologies currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the same space include Fabrinet FN, Rogers Corporation ROG and Littelfuse Inc. LFUS, each carrying a Zacks Rank #2 (Buy).

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ROGERS CORP (ROG): Free Stock Analysis Report
 
FABRINET (FN): Free Stock Analysis Report
 
LITTELFUSE INC (LFUS): Free Stock Analysis Report
 
MAXWELL TECH (MXWL): Free Stock Analysis Report
 
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