Marvell Technology Group Ltd. Earnings: Here’s Why Shares are Up Now
Marvell Technology Group Ltd. (NASDAQ:MRVL) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 4.01%.
Marvell Technology Group Ltd. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 9.52% to $0.19 in the quarter versus EPS of $0.21 in the year-earlier quarter.
Revenue: Rose 4.39% to $775.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Marvell Technology Group Ltd. reported adjusted EPS income of $0.19 per share. By that measure, the company beat the mean analyst estimate of $0.13. It beat the average revenue estimate of $720.89 million.
Quoting Management: “Fiscal year 2013 was a disappointing year for Marvell. Industry hard disk drive unit shipments declined for the year offsetting share gains, the networking end market was relatively flat and we endured a product transition in Mobile. Despite the revenue decline, Marvell remained profitable and generated $626 million in free cash flow while simultaneously continuing investments in several key initiatives,” said Dr. Sehat Sutardja, Marvell’s Chairman and Chief Executive Officer. “We expect many of our investments and key initiatives to produce tangible results in the new fiscal year across all of our served end markets. These include continued share gains in HDDs, strong growth and share gains in SSDs and hybrids, above market growth in networking, increased traction for our connectivity products and a resumption of growth in our mobile business.”
Key Stats (on next page)…