Marvell Profit Tops Estimates, Q1 Outlook Weak; Stock Down 5%

(RTTNews) - Semiconductor company Marvell Technology Group (MRVL) on Thursday reported fourth-quarter net earnings of $81.7 million or $0.16 per share compared with $97 million or $0.19 per share last year.

Excluding items, adjusted earnings for the quarter were $0.25 per share compared with $0.29 per share a year ago.

Revenues for the quarter were lower at $857.5 million compared with $931.7 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.24 per share on revenues of $890 million for the quarter. Analysts' estimates typically exclude special items.

Gross margin for the quarter was 51.4 percent versus 48.8 percent a year ago.

For the first quarter, the company expects adjusted earnings of $0.18 per share, plus or minus one cent; and revenues of $810 million to $830 million. Analysts expect earnings of $0.22 per share on revenues of $884.2 million.