Marvell Technology Group Q4 Adj. Profit Tops View; Issues Q1 Outlook

(RTTNews) - Marvell Technology Group Ltd. (MRVL) reported net income for the fourth quarter of $107 million, or $0.21 per share, compared to $50 million, or $0.09 per share in the year-ago quarter.

Excluding items, adjusted net income for the latest fourth quarter rose to $151 million or $0.29 per share, from $104 million, or $0.19 per share in the prior year quarter. On average, 27 analysts polled by Thomson Reuters expected the company to earn $0.25 per share. Analysts' estimates typically exclude special items.

Revenue for the latest fourth quarter rose 20% to $931.75 million from $775.29 million in the same quarter last year, while 27 analysts expected revenue of $901.13 million.

Looking forward to the first quarter, the company forecasts earnings per share of $0.14 +/- $0.02, adjusted earnings per share of $0.22 +/- $0.02 and revenue of $870 million to $910 million.

Analysts currently expect the company to earn $0.21 per share on revenue of $848.94 million for the first quarter.