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Marvell: Fiscal 4Q17 Financial Results

Storage revenue grew 8% Y/Y for the quarter driven by better HDD demand and ramp of SSD business.

(in $ million) 4Q16 4Q17 FY16 FY17
Revenue 602.5 571.4 2,649 2,318
Growth   -5%   -12%
Net income (loss) 4.2 (80.1) (811.4) 21.2

Marvell Technology Group Ltd. reported financial results for the fourth fiscal quarter and the full fiscal year, ended January 28, 2017.

Revenues for the fourth quarter of fiscal 2017 were $571 million, which exceeded the midpoint of the guidance provided on November 17, 2016.

GAAP net loss from continuing operations for the fourth quarter of fiscal 2017 was $77 million, or ($0.15) per share. Non-GAAP net income from continuing operations for the fourth quarter of fiscal 2017 was $114 million, or $0.22 per diluted share. Cash flow from operations for the quarter was $119 million.

Revenue for fiscal year 2017 was $2.3 billion. GAAP net income from continuing operations for the full year was $44 million or $0.09 per diluted share. Non-GAAP net income from continuing operations for the full year was $331 million, or $0.63 per diluted share.

Marvell delivered another strong performance in Q4’17, which demonstrates our team’s ongoing commitment to the company’s transformation and the growing power of our business model,” said Matt Murphy, president and CEO. “Our performance also demonstrates the strength of our portfolio in the data storage, network infrastructure and wireless connectivity markets, which are core to our business.

First Quarter of Fiscal 2018 Financial Outlook
    •    Revenue is expected to be $570 million plus or minus 2%, better than normal seasonality.
    •    GAAP and Non-GAAP Gross Margins are expected to be approximately 59%.
    •    GAAP Operating Expenses are expected to be $250 million to $265 million.
    •    Non-GAAP Operating Expenses are expected to be $220 million to $225 million.            
    •    GAAP Diluted EPS from continuing operations are expected to be in the range of $0.12 to $0.18.
    •    Non-GAAP Diluted EPS from continuing operations are expected to be in the range of $0.19 to $0.23.

Comments

Percentage of global revenue for storage
(comprised primary HDD and SSD controller and enterprise storage solutions)

4Q16 4Q17 FY16 FY17
47% 54% 45% 50%

Storage revenue grew 8% Y/Y for the quarter, driven by better than expected HDD demand and the ramp of SSD business.

Abstracts of the earnings call transcript:

Matt Murphy, president and CEO:
"During the quarter, our SSD business performed very well, growing both year over year and sequentially and again accounted for more than 20% of our total storage revenue. While we have seen the impact of NAND shortages at some customers, we continue to benefit from 20-plus years of expertise in storage, our broad IP portfolio and market position with tier one customers. Looking ahead we expect our SDD controller revenue to be flat in the first quarter of FY18 rather than experiencing the typical seasonal decline.
"We're also making excellent progress in our HDD business to expand into the enterprise and data center markets. As a result of the ramp of products which serve the enterprise and data center, we expect our first quarter HDD revenue to be approximately flat sequentially, better than the normal seasonal sequential decline."

 

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