, 8 tweets, 2 min read Read on Twitter
I know all the "price action" momentum monkeys won't care, but AVX, a nearly $2 billion electronic/semiconductor component supplier to a broad amount of end markets had a little different outlook on the world today. AVX's stock down 5.5% after hitting a 7-month high yesterday
AVX CEO: "The worldwide economy continues to be in turmoil after peaking in early 2018.The global purchasing Index consistently dropped through the yr as we approach the crucial 50 point crossover mark.Major manufacturing regions like China did fall below 50 and into contraction"
AVX CEO continued: "In calendar quarter one, 2019, the global manufacturing index has shown a slight uptick." Notice the word SLIGHT. AVX inventories continued to soar, up 22% Y/Y to $632M as AVX cut current qtr revenue guidance to a 1%-2% Y/Y decline. AVX book-bill ratio: 0.94
On autos:"China's light vehicle auto sales have seen month-on-month double-digit percentage drops during each month for the last six months.China year-on-year sales are down by 18%.Vehicle output in the United States has remained relatively flat to last year"(actually down in US)
"The mobile phone market continued to be under pressure due to weak demand especially in China. The market is saturated with a range of options & all price points & the slowdown of the phone manufacturers seen in the last six months continues to result in more handset inventory"
"there have been inventory builds in basically all channels.And over the last 2 qtrs, we've seen adjustments from some of our distributor channels&distributor partners where they're adjusting that now based on what they see is the actual demand." Will "continue another qtr or so"
On the vaunted 5G industry savior: "5G has been and will continue to be a slow rollout among all regions." "the global mobile industry will gradually adopt. Most projections indicate only about 15% of the world will be running on 5G by 2025." Basically just 5G infrastructure now
One last comment that says it all: There was only ONE analyst on the (very short) AVX conference call asking any questions. Why would it matter - after all, the only thing that matters is "price action." Who would want to hear bad news anyways?
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