Passive electronic component manufacturer AVX Corp. reported a $16.6 million year-over-year increase in its net sales during the second quarter.
The Fountain Inn-based company said increased demand and new designs were reasons for the sales increase.
“Our gross profit of $73.8 million, or 22.3%, reflects solid operating performance,” said John Savris, AVX Corp. president and CEO, in a news release.
In the second quarter of 2017, AVX Corp. reported sales of $331.4 million compared to sales of $314.8 million in the same quarter a year ago. Its net income for the second quarter of 2017 was $31.5 million, a year-over-year increase of $1.6 million.
Earlier this month, the company finalized plans to purchase the transportation, sensing and control division of UK-based TT Electronics PLC for approximately $156 million. That division is expected to generate $300 million annually. The sale is expected to close in the fourth quarter.