AVX Corporation (NYSE: AVX) today reported preliminary unaudited results for the first quarter ended June 30, 2014.
Chairman and Chief Executive Officer, John Gilbertson, stated, “We saw improved first quarter operating results reflecting our focus on the sale of higher value-added components, sales margin management and cost control. The operating profit margin improved to 15.8%, compared to 10.6% for the same quarter last year. Orders for our components and interconnect devices increased this quarter and we are optimistic that the continuing evolution of new electronic devices and improving market confidence will provide growth opportunities during the balance of the fiscal year.”
For the quarter ended June 30, 2014, the Company reported net sales of $350.6 million and net income of $40.8 million, or $0.24 per share, compared to net sales of $369.4 million and net income of $27.7 million, or $0.16 per share, for the quarter ended June 30, 2013.
Chief Financial Officer, Kurt Cummings, stated, “We generated approximately $78 million of cash flow from operations in the quarter as a result of higher net income, lower capital spending and favorable changes in working capital. We continued to use our resources to provide value to our stockholders by paying $16.0 million in dividends.”
AVX, headquartered in Greenville, South Carolina, is a leading manufacturer and supplier of a broad line of passive electronic components and related products.
