Marvell Technology Group Shares Rise Sharply on Q4 Results (MRVL)
2/22/2013 10:56:16 AM
Shares of Marvell Technology Group Ltd. (NASDAQ: MRVL) have risen sharply in pre-market trading today after the Santa Clara, California-based company reported its fourth-quarter financial results.
- Marvell’s fourth-quarter revenue rose 4% on a year-over-year basis
- The company’s fourth-quarter results beat consensus forecast
- Marvell Technology also provided upbeat outlook for the current quarter
Dr. Sehat Sutardja, Chairman and CEO of Marvell, said that fiscal year 2013 was a disappointing year for the company. Sutardja further said that industry hard disk drive unit shipments declined for the year offsetting share gains, the networking end market was relatively flat and the company endured a product transition in Mobile. The CEO added that despite the revenue decline, MRVL remained profitable and generated $626 million in free cash flow while simultaneously continuing investments in several key initiatives.
For the quarter ended February 2, 2013, Marvell Technology reported revenue of $775 million, up 4% on a year-over-year basis. The company’s revenue for the fiscal year ended February 2, 2013 was $3.17 billion, down 7% over fiscal year 2012.
GAAP net income for the fourth quarter was $50 million, or $0.09 per share, down from $81 million, or $0.13 per share reported for the same period in the previous year. On a non-GAAP basis, the company’s net income for the fourth quarter was $104 million, or $0.19 per share, compared to $127 million, or $0.21 per share reported for the same period in the previous year.
For the first quarter of fiscal 2014, Marvell Technology expects revenue to be between $700 million and $740 million.
Shares of Marvell Technology rose more than 5% in pre-market trading today.
About Marvell Technology Group Ltd.
Marvell Technology Group Ltd. is a fabless semiconductor company providing application-specific standard products.