AVX Corp. (AVX, Financial) filed Quarterly Report for the period ended 2011-12-31.
Avx Corp. has a market cap of $2.31 billion; its shares were traded at around $13.6 with a P/E ratio of 9.9 and P/S ratio of 1.4. The dividend yield of Avx Corp. stocks is 2.2%. Avx Corp. had an annual average earning growth of 16.1% over the past 5 years.
Our sales to independent electronic distributor customers represented 35% of total sales for the three months ended December 31, 2011, compared to 41% for the three months ended December 31, 2010. This decrease in sales is a result of distributors reducing purchases to realign inventory balances in light of expected demand. Our sales to distributor customers involve specific ship and debit and stock rotation programs for which sales allowances are recorded as reductions in sales. Such allowance charges were $6.8 million, or 5.4% of gross sales to distributor customers, for the three months ended December 31, 2011 and $8.9 million, or 5.1% of gross sales to distributor customers, for the three months ended December 31, 2010. Applications under such programs for the quarters ended December 31, 2011 and 2010 were approximately $7.5 million and $8.9 million, respectively.
Gross profit in the three months ended December 31, 2011 was 23.0% of sales, or $78.3 million, compared to a gross profit margin of 28.2%, or $114.6 million, in the three months ended December 31, 2010. This overall decrease is primarily attributable to lower sales and increased costs for materials. In addition, costs due to currency movement of the U.S. dollar against certain foreign currencies were unfavorably impacted in the current quarter by approximately $13.4 million when compared to the same quarter last year.
Our sales to independent electronic distributor customers represented 38.3% of total sales for the nine months ended December 31, compared to 42.4% for the nine months ended December 31, 2010. This decrease in sales is a result of distributor customers reducing purchases during the second half of the nine months ended December 31, 2011 to realign inventory balances that had increased earlier when there were heightened concerns about the availability of components in light of ongoing uncertainty in the global economy. Our sales to distributor customers involve specific ship and debit and stock rotation programs for which sales allowances are recorded as reductions in sales. Such allowance charges were $21.5 million, or 4.5% of gross sales to distributor customers, for the nine months ended December 31, 2011 and $25.5 million, or 4.9% of gross sales to distributor customers, for the nine months ended December 31, 2010. Applications under such programs for the nine months ended December 31, 2011 and 2010 were approximately $21.6 million and $23.0 million, respectively.
Gross profit in the nine months ended December 31, 2011 was 26.5% of sales, or $313.8 million compared to a gross profit margin of 27.5%, or $339.6 million, in the nine months ended December 31, 2010. This overall decrease is primarily attributable to lower sales and increased costs for materials. The lower gross margin percentage also reflects the movement of the U.S. dollar against certain foreign currencies which resulted in an unfavorable impact of approximately $56.1 million on cost of sales when compared to the same period last year.
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Avx Corp. has a market cap of $2.31 billion; its shares were traded at around $13.6 with a P/E ratio of 9.9 and P/S ratio of 1.4. The dividend yield of Avx Corp. stocks is 2.2%. Avx Corp. had an annual average earning growth of 16.1% over the past 5 years.
Highlight of Business Operations:
For these derivatives designated as hedging instruments, during the three and nine months ended December 31, 2011, net pretax loss of $2,535 and gain of $862, respectively, were recognized in other comprehensive income. In addition, during the three and nine months ended December 31, 2011, net pretax loss of $2,461 and gain of $2,471, respectively, were reclassified from accumulated other comprehensive income into cost of sales (for hedging purchases), and net pretax gain of $1,574 and loss of $964, respectively, were reclassified from accumulated other comprehensive income into sales (for hedging sales) in the accompanying Statement of Operations. During the three and nine months ended December 31, 2011, we discontinued an immaterial amount of cash flow hedges for which it was probable that a forecasted transaction would not occur.Our sales to independent electronic distributor customers represented 35% of total sales for the three months ended December 31, 2011, compared to 41% for the three months ended December 31, 2010. This decrease in sales is a result of distributors reducing purchases to realign inventory balances in light of expected demand. Our sales to distributor customers involve specific ship and debit and stock rotation programs for which sales allowances are recorded as reductions in sales. Such allowance charges were $6.8 million, or 5.4% of gross sales to distributor customers, for the three months ended December 31, 2011 and $8.9 million, or 5.1% of gross sales to distributor customers, for the three months ended December 31, 2010. Applications under such programs for the quarters ended December 31, 2011 and 2010 were approximately $7.5 million and $8.9 million, respectively.
Gross profit in the three months ended December 31, 2011 was 23.0% of sales, or $78.3 million, compared to a gross profit margin of 28.2%, or $114.6 million, in the three months ended December 31, 2010. This overall decrease is primarily attributable to lower sales and increased costs for materials. In addition, costs due to currency movement of the U.S. dollar against certain foreign currencies were unfavorably impacted in the current quarter by approximately $13.4 million when compared to the same quarter last year.
Our sales to independent electronic distributor customers represented 38.3% of total sales for the nine months ended December 31, compared to 42.4% for the nine months ended December 31, 2010. This decrease in sales is a result of distributor customers reducing purchases during the second half of the nine months ended December 31, 2011 to realign inventory balances that had increased earlier when there were heightened concerns about the availability of components in light of ongoing uncertainty in the global economy. Our sales to distributor customers involve specific ship and debit and stock rotation programs for which sales allowances are recorded as reductions in sales. Such allowance charges were $21.5 million, or 4.5% of gross sales to distributor customers, for the nine months ended December 31, 2011 and $25.5 million, or 4.9% of gross sales to distributor customers, for the nine months ended December 31, 2010. Applications under such programs for the nine months ended December 31, 2011 and 2010 were approximately $21.6 million and $23.0 million, respectively.
Gross profit in the nine months ended December 31, 2011 was 26.5% of sales, or $313.8 million compared to a gross profit margin of 27.5%, or $339.6 million, in the nine months ended December 31, 2010. This overall decrease is primarily attributable to lower sales and increased costs for materials. The lower gross margin percentage also reflects the movement of the U.S. dollar against certain foreign currencies which resulted in an unfavorable impact of approximately $56.1 million on cost of sales when compared to the same period last year.
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