AVX Beats Estimates as Sales Rise Sharply From Last Year

Earnings

Yi Ping Ho

01/11/01 - 03:54 PM EST

AVX(AVX Quote), an electronic components maker, posted third-quarter earnings that beat analysts' estimates by 4 cents, as sales for the quarter rose 70.4% from the same period last year.

The Myrtle Beach, S.C., company earned $166.1 million, or 94 cents a share, compared with $42.5 million, or 24 cents a share, a year ago. Four analysts polled by First Call/Thomson Financial expected earnings of 90 cents a share for the quarter.

Sales for the quarter grew to $709.5 million from $416.4 million last year.

Shares of AVX recently surged $2.88, or 16.6%, to $20.19 in trading on the New York Stock Exchange.

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