AVX Corporation (NYSE: AVX), a manufacturer of electronic components, reported Thursday that net income was $120.4 million, or 68 cents a diluted share for its first quarter, well above First Call's prediction of 49 cents a share.
Net income also compares favorably to $17.4 million, or 10 cents per diluted share, for the same quarter last year.
Shares were down 1/2 to 28 1/2.
Net sales were $602.4 million in the quarter compared with net sales of $343.1 million for the same quarter last year.
The company said demand for its products remains extremely strong. AVX' investments to expand production capacity and sales and gross margins are at record levels. It is working to expand production capacity in North America, Europe and Asia.
Shares were up 1 5/8 to 33 5/8.
Second quarter revenues of $220.7 million increased 35 percent from the $163.9 million reported in the second quarter of 1999.
Net income in the second quarter, before merger related expenses, was $16.4 million, an imporvementof $7.5 million, or 84 percent, over the $8.9 million earned in the second quarter of 1999. Earnings per share were up above the 18 cents a share brought in 1999's second quarter.
Including merger related expenses of $12.7 million, second quarter income was $7.0 million and earnings were 17 cents a share, the company said.
Revenue increased 23 percent to $26.4 million. After tax profits were $4.1 million, compared to $2.5 million for the second quarter of last year. Net earnings on a diluted basis for the quarter increased to 34 per share from 22 cents a share for the same period in 1999.
Shares were up 3 3/4 to 48 9/16 following the news.