Boston, MA 05\/27\/2014 (wallstreetpr) \u2013 Marvell Technology Group Ltd. (NASDAQ:MRVL)<\/b> delivered solid growth in its performance during first quarter results of fiscal 2015 (FY2015) ended May 4, 2014. The Company reported a net income of $99 million with diluted EPS of $0.19 on revenue of $958 million.<\/p>\n
Solid Results<\/b><\/p>\n
During 1Q2015, Marvell\u2019s revenue was $958 million, up by 30% from $734 million in the first quarter of fiscal 2014 (1Q2014). The increase was mainly driven by increasing contribution from LTE solutions. But, adjusted (non-GAAP) gross margin for the period was 48.8% compared to 54.6% a year\u2019s ego.<\/p>\n
The decreasing selling costs and lower general expenses compensated the 6% year over year increase in R&D expenses and subsequently, it improved the adjusted operating margin to 14.4% (1Q2014: 11.9%). In addition, lower interest expenses and lower tax benefit raised the adjusted net income to $144 million with adjusted diluted EPS of $0.27 per share (1Q2014: $98 million or $0.19 per diluted share).<\/p>\n
Cash Distribution<\/b><\/p>\n
A significant increase in the Company\u2019s earnings as a result of growth in revenue drove growth over its operating cash flow to $235 million versus $84 million reported during its 1Q2014. So, the free cash flow for the period improved to $211 million from $53 million reported in 1Q2014.<\/p>\n
As per the cash distribution plan, Marvell paid dividend of $30.2 million with the quarterly dividend of $0.06 per share on March 27, 2014, and will pay the next to all shareholders on July 2, 2014.<\/p>\n
The Company\u2019s cash distribution depends on the results of operation, available cash balances and financial conditions. Marvell is financially strong with cash and cash equivalents of $1.1 billion and shareholder\u2019s equity of $4.8 billion with no outstanding debts as of May 4, 2014.<\/p>\n
Looking Forward<\/b><\/p>\n
Marvell Technology Group Ltd. (NASDAQ:MRVL) continues to focus on investing advanced technologies to drive growth and increase its presence across its end markets. So, the Company expects growth in revenue while considering the current business trends over the impending growth in LTE solutions and anticipates revenue at a range of $940-$980 million with adjusted gross margin of 49.9% to 50.1% during the second quarter of FY2015. The Company also expects to increase adjusted operating expenses at a range of $320 -$340 million to achieve adjusted diluted EPS of $0.26-$0.30 in 2Q2015.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 05\/27\/2014 (wallstreetpr) \u2013 Marvell Technology Group Ltd. (NASDAQ:MRVL) delivered solid growth in its performance during first quarter results of fiscal 2015 (FY2015) ended […]<\/p>\n","protected":false},"author":12,"featured_media":23463,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[263],"tags":[6875,4706,878],"stock_ticker":[],"class_list":["post-23580","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-marvell-technology-group-ltd","tag-marvell-technology-group-ltd-nasdaqmrvl","tag-nasdaqmrvl","entry"],"acf":[],"yoast_head":"\n