When Marvell Technology Group Ltd. (NASDAQ: MRVL) reported its fiscal third-quarter financial results after the markets closed on Tuesday, the company posted $0.33 in earnings per share (EPS) and $851.1 million in revenue. That compares with consensus estimates of $0.32 in EPS and $844.82 million in revenue, as well as the $0.34 per share and $616.3 million reported in the same period of last year.
During the most recent quarter, gross margin was 64.6%. At the same time, cash flow from operations was $299 million.
Looking ahead to the fiscal fourth quarter, the company expects to see EPS in the range of $0.30 to $0.34 and revenue between $790 million and $830 million. Consensus estimates call for $0.33 in EPS and $856.29 million in revenue for the coming quarter.
Matt Murphy, Marvell’s president and CEO, commented:
In the first full quarter operating as a combined Marvell and Cavium team, we completed key integration milestones ahead of schedule, delivered revenue above the midpoint of our guidance, and generated strong free cash flow at 30 percent of revenue. We also expect renewed revenue growth from the Cavium business in the fourth quarter. Looking ahead, we expect the deployment of 5G will accelerate our growth over the next several years as engagements with a growing list of Tier 1 customers continue to build momentum in this major infrastructure transition.
Shares of Marvell closed Tuesday at $15.50, with a consensus analyst price target of $26.14 and a 52-week trading range of $14.69 to $25.18.
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