Greenville-based AVX Corp. said net income for its fiscal year ended March 31 increased 24% to $127 million, up from $102.1 million the prior year.
The prior-year figure excludes a $266 million chargeThe amount of electricity present upon the capacitor's plates. Also, the act of forcing of electrons onto the capacitor's plates. See CoulombA coulomb is the unit of electric charge. It is named after Charles-Augustin de Coulomb.1 coulomb is the amount of electric charge transported by a current of 1 ampere in 1 second. It can also be defined in terms of capacitance and voltage, where one coulomb is defined as one farad of capacitance times one volt of electric potential difference.. related to a $366 million settlement with the Environmental Protection Agency to fund the ongoing cleanup of the New Bedford Harbor Superfund site in New Bedford, Mass.
Annual sales for fiscal 2013 increased 2% to $1.44 billion, AVX said.
The company manufactures electronic components. AVX stock traded at $13.44 per share today, down 26 cents from Monday’s close.
“It has been a good year as we improved operating profit margins in a challenging market as a result of our focus on value added products for our customers, and diligent cost control,” Chairman and CEO John Gilbertson said in a statement.
