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Maxwell (MXWL) Incurs Narrower-than-Expected Loss in Q2

Zacks

Maxwell Technologies, Inc. MXWL witnessed adjusted loss of 21 cents per share in the second quarter of 2017 (considering stock-based compensation as a regular expense), which was narrower than the Zacks Consensus Estimate of loss of 23 cents. On a year-over-year basis, the quarterly loss widened from the year-ago loss of 16 cents per share.

Excluding one-time items, the company incurred loss of 28 cents per share, substantially wider than earnings of 7 cents reported in the prior-year quarter.

Revenues

Maxwell Technologies’ second-quarter revenues of $37.1 million surpassed the Zacks Consensus Estimate of $32 million by 16.1%. Also, the top line increased 8.8% from the year-ago figure of $34.1 million.

While high voltage revenues rose 1.5% in the quarter, ultracapacitor revenues improved 18.2%, resulting in an increase in total revenue.

Operational Highlights

In the quarter under review, the company’s cost of revenue was $29.3 million, up 21.2% year over year.

Total operating expenses were $16.5 million (or 44.5% of revenues) compared with $13.8 million (or 40.4% 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 Jun 30, Maxwell Technologies had cash and cash equivalents of $19.2 million compared with $25.4 million as of Dec 31, 2016.

As of Jun 30, long-term debt (excluding current portion) was $0.06 million compared with $0.04 million as of Dec 31, 2016.

Guidance

Maxwell Technologies expects total revenue in the range of $35–$38 million in the third quarter of 2017. While adjusted gross margin is anticipated to be 22.5%, adjusted operating expenses are projected in the range of $12.7–$13.1 million.

Zacks Rank

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

Peer Releases

TE Connectivity Ltd. TEL scored its seventh consecutive earnings beat as it reported third-quarter fiscal 2017 adjusted earnings of $1.24 per share, surpassing the Zacks Consensus Estimate of $1.17 by 6%. In fact, the bottom line fared phenomenally increasing 14.8% year over year from the prior-year tally of $1.08. The figure also steered past the projected range of $1.14–$1.18.

Stoneridge, Inc.’s SRI second-quarter 2017 adjusted earnings per share came in at 42 cents, beating the Zacks Consensus Estimate of 32 cents by 31.3%.

Ballard Power Systems, Inc. BLDP incurred second-quarter 2017 loss of 2 cents per share compared with the Zacks Consensus Estimate of a loss of a penny.

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