AVX Corp., a Fountain Inn-based manufacturer of passive electronic components, recently reported an increase in its sales for the second quarter ending September 30, 2017.
In a press release, the company said it netted $352.7 million in sales during the second quarter of 2017, a $25 million increase over the same quarter a year ago.
For the first six months of the fiscal year, AVX Corp. reported sales of $684 million — an increase of $42 million over the same period a year ago. Additionally, the company reported a gross profit of $77.3 million, or 21.9 percent.
“These results are reflective of new design wins along with increased demand from our customers for value-added components and interconnect devices in addition to our continued focus on manufacturing efficiencies and cost reductions,” said John Sarvis, AVX Corp. president and CEO, in a prepared statement.
Sarvis added that the company’s net income for the second quarter of 2017 was $34.8 million, an $8.3 million increase over the $26.5 million of net income reported during the same quarter a year ago.
On Oct. 2, AVX Corp. announced it had completed the acquisition of the transportation, sensing, and control division of TT Electronics PLC, a United Kingdom company, for approximately $156 million in cash. In the financial year ended Dec. 31, 2016, the division generated approximately $300 million of revenue.
“The purchase of the TS&C division from TT Electronics enhances our position in the automotive business and provides further opportunities for expansion,” said Sarvis. “We are confident that the combination presents a great opportunity for further growth.”