Marvell Technology's upbeat forecast boosts shares

by Reuters    Feb 22, 2013

Sehat Sutardja Chairman and CEO of Marvell Technology Group

Chipmaker Marvell Technology Group Ltd forecast results this quarter largely above analysts’ expectations as it gained market share in hard-disk drive and flash storage businesses, sending its shares up 5 percent in trading after the bell.

Marvell, whose chips are used for reading and writing data on hard-disk drives, said it expected adjusted profit of 14 cents, plus or minus 2 cents, per share on revenue of $700 million to $740 million in the first quarter.

Analysts on average were expecting a profit of 13 cents per share on revenue of $710.8 million, according to Thomson Reuters I/B/E/S.

Marvell’s forecast is in contrast with its rival LSI Corp, which last month forecast current-quarter revenue from continuing operations below analysts’ estimates.

Santa Clara, California-based Marvell’s shares were trading at $9.90 after closing at $9.47 on the Nasdaq on Thursday.

The company’s major customers Western Digital Corp and Seagate Technology Plc last month posted results above analysts estimates.

Marvell’s interim Chief Financial Officer Brad Feller said on a conference call with analysts that the company would benefit from the new Blackberry 10 smartphone, which uses Marvell chips.

The company, which makes communications and processor products used in mobile phones, said its results were helped by a “North American mobile customer” during the fourth quarter.

The company’s net income fell to $50 million, or 9 cents per share, in the fourth quarter ended February 2 from $81 million, or 13 cents per share, a year earlier.

Excluding items, the company earned 19 cents per share.

Revenue rose 4 percent to $775 million.

Analysts were expecting a profit of 13 cents per share on revenue of $720.9 million.

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