Earnings Preview : Marvel Technology (Nasdaq : MRVL)
Tuesday, March 02, 2022 10:35 AM

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(By David) Marvel Technology Group LTD (Nasdaq : MRVL) is schedule to release 4th quarter 2009 earnings on Thursday March 4th 2010.  Marvel has historically performed well when its non cash accrual ratio is relatively low, which is the case in this current quarter.  Smaller levels of non-cash earnings, which equate into lower accrual levels show that cash flow is driving MRVL earnings.

Marvell Technology is a leading designer, developer and supplier of mixed-signal and digital signal processing integrated circuit for high-speed, high-density, digital data storage and broadband digital data networking markets. The company's goal is to continue to support its customers in providing faster, better solutions to meet their customers'' needs for increased bandwidth as communication solutions evolve. The company meets this goal with state-of-the-art chip solutions that enable data transfer in data storage devices and networking applications.

Marvel reported 3rd quarter 2009 earnings of 35 cents per share which was a 29% surprise as the average analyst estimate for the 3rd quarter was 27 cents per share.  Revenue for the 3rd quarter was 803.10 million dollars, which was slightly better than expectations.  Gross profits for Marvel for the last quarter was 461.48 million dollars and total operating income was 170.06 million dollars.  

According to S&P, near term demand for chip shipments for products such as cell phones, computers and other electronics should increase which comprise a large percentage of the semi-conductor industry's demand.  Additionally, inventory seems to be at levels that can be replenished in industrial and related industries which can improve as economic conditions contribute to better end market demand, which will increase sales growth.  This dynamic could increase first half order trends, contributing to chip maker's bottom line.
EPS estimates for the full year ending in January of 2010 are 95 cents per share.  For the 4th quarter, the average analyst estimate is for an earnings per share of 36 cents.  The low estimate is currently 35 cents per share and the high estimate is 39 cents per share.   The average revenue estimates for the 4th quarter is 838.07 million dollars with a high of 855 million dollars and a low of 830 million dollars.  Current year revenue estimates average 2.80 billion dollars.  During the past 90 day the average estimate has increased from 27 cents per share to 36 cents per share.  During the past 60 day the estimates have remained constant.  As overall earnings estimates increased toward the end of the fourth quarter, earnings for MRVL increased.  Growth estimates for the current quarter for Marvel are 620% compared to the industry which has growth estimates of 193% and the sector which has growth estimates of 69%.

Marvel is currently trading around 20.60 compared to its 52 week range which is 6.99 to 21.76.  The companies PE ratio is 32,  with a market capitalization of 12.94 billion dollars and zero debt.    The EPS growth rate for the company as of last quarter was 52% with a 3 year earnings per share growth rate of 16%.  Sales increase 2% last quarter, and the 3 years growth rate change has been approximately 7%.    The annual pre-tax margin for Marvel is 16.6% and the annual return on equity for the company is 13.3%.


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