Marvell beats by $0.08, beats on revs; guides Q4 ex-discontinued operations; announces $1 bln buyback :
- Reports Q3 (Oct) earnings of $0.20 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus of $0.12; revenues -3% year/year to $654 mln vs the $615.76 mln Capital IQ Consensus.
- Co issues guidance for Q4 ex-the estimated results of certain non-strategic businesses that have a first half of fiscal 2017 annualized run rate of ~$100 million in revenue and $60 million in operating expenses (discontinued operations following Nov 2 restructuring announcement -- sees adj. EPS of $0.17-0.21, may not be comparable to $0.13 Capital IQ Consensus; sees Q4 revs of $553.7-576.3 mln, may not be comparable to $594.03 mln Capital IQ Consensus Estimate.
- Marvell's fourth quarter of fiscal 2017 financial outlook also excludes These businesses will be classified as discontinued operations beginning in the fourth quarter of fiscal 2017.
- "Our core businesses performed very well, with data storage and network infrastructure growing double digits year-over-year."
- The Board of Directors has authorized a $1 billion share buyback program. This newly authorized stock repurchase program replaces in its entirety the prior $3.25 billion stock repurchase program, which had ~$115 million of repurchase authority remaining. The Company currently intends to repurchase approximately $500 million worth of shares over the next 12 months.
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