When Marvell Technology Group Ltd. (NASDAQ: MRVL) released its fiscal fourth-quarter financial results after the markets closed on Thursday, the firm said that it had $0.32 in earnings per share (EPS) on $615.4 million in revenue. Consensus estimates had called for $0.31 in EPS on revenue of $611.6 million. In the same period of last year, it said it had EPS of $0.22 and $566.4 million in revenue.
The company posted a gross margin of 62.3% at the end of the period, up from 57.8% year over year.
Looking ahead to the fiscal first quarter, Marvell expects to see EPS in the range of $0.29 to $0.33 and revenues between $585 million and $615 million. The consensus estimates call for $0.29 in EPS on $590.8 million in revenue.
On the books, Marvell’s cash, cash equivalents and short-term investments totaled $1.84 billion at the end of the quarter, up from $1.67 billion in the same period of last year.
Matt Murphy, Marvell’s president and CEO, commented:
Our strong fourth quarter and fiscal year results continue to demonstrate that Marvell’s strategy is working and that our team is executing it very well. We are making tremendous progress in the transformation of Marvell, and I look forward to the year ahead.
Shares of Marvell closed Thursday at $24.32, with a consensus analyst price target of $27.36 and a 52-week range of $14.58 to $24.42. Following the announcement, the stock was down nearly 3% at $23.67 in early trading indications Friday.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
