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Maxwell Technologies (MXWL) Q4 Loss Wider Than Expected

ByZacks Investment Research
Published 02/15/2018, 10:42 PM
Updated 07/09/2023, 06:31 AM

Maxwell Technologies, Inc. (NASDAQ:MXWL) reported adjusted loss of 14 cents per share in fourth-quarter 2017, wider than the Zacks Consensus Estimate of a loss of 11 cents. On a year-over-year basis, the quarterly loss narrowed from the year-ago loss of 23 cents.

Excluding one-time items, the company incurred a loss of 24 cents per share, lower than the year-ago quarter’s loss of 38 cents.

For 2017, Maxwell Technologies reported adjusted loss of 65 cents per share, narrower than the loss of 67 cents in the prior year. The full-year adjusted earnings came in wider than the Zacks Consensus Estimate of a loss of 62 cents.

Revenues

Maxwell Technologies’ fourth-quarter revenues of $30.8 million missed the Zacks Consensus Estimate of $32 million by 3.4%. However, the top line improved 16.5% from the year-ago figure of $26.4 million.

For 2017, the company generated revenues worth $130.4 million, which once again lagged the Zacks Consensus Estimate of $134.03 million. Moreover, on a year-over-year basis, revenues improved 7.5 % from $121.2 million in the prior year.

While high voltage revenues dropped 27.4% in the quarter, ultracapacitor revenues improved 63.6%, resulting in an improvement in total revenues.

Operational Highlights

In the quarter under review, the company’s cost of revenues was $23.4 million, up 13% year over year.

Total operating expenses were $14.3 million (or 46.5% of revenues) compared with $15.6 million (or 59.1% of revenues) in the prior-year quarter.

Maxwell Technologies, Inc. Price, Consensus and EPS Surprise

Maxwell Technologies, Inc. Price, Consensus and EPS Surprise | Maxwell Technologies, Inc. Quote

Financial Condition

As of Dec 31, 2017, Maxwell Technologies had cash and cash equivalents of $50.1 million compared with $25.4 million as of Dec 31, 2016.

As of Dec 31, 2017, long-term debt (excluding current portion) was $35.1 million compared with $0.04 million as of Dec 31, 2016.

Guidance

Maxwell Technologies anticipates total revenues in the range of $31-$33 million in first-quarter 2018 and adjusted net loss to be 12 cents per share. While adjusted gross margin is expected to be in the range of 26.5%, adjusted operating expenses are projected in the range of $12.6-$13 million.

Zacks Rank

Maxwell Technologies carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Peer Releases

TE Connectivity Ltd. (NYSE:TEL) reported fourth-quarter fiscal 2017 adjusted earnings of $1.40 per share, beating the Zacks Consensus Estimate of $1.25 by 12%.

Kemet Corporation (NYSE:KEM) reported fourth-quarter fiscal 2017 adjusted earnings of 52 cents per share, surpassing the Zacks Consensus Estimate of 34 cents by 52.9%.

Gardner Denver Holdings, Inc. (NYSE:GDI) reported fourth-quarter fiscal 2017 adjusted earnings of 48 cents per share, which came in line with the Zacks Consensus Estimate.

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TE Connectivity Ltd. (TEL): Free Stock Analysis Report

Maxwell Technologies, Inc. (MXWL): Free Stock Analysis Report

Kemet Corporation (KEM): Free Stock Analysis Report

Gardner Denver Holdings, Inc. (GDI): Free Stock Analysis Report

Original post

Zacks Investment Research

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