Marvell Technology Group Ltd. (NASDAQ: MRVL) reported fiscal fourth-quarter financial results after markets closed on Thursday. The company posted $0.22 in earnings per share (EPS) and $571 million in revenue versus consensus estimates from Thomson Reuters that called for $0.19 in EPS and $567.64 million in revenue. The same period from last year had $0.11 in EPS and $616.16 million in revenue.

In terms of the outlook for the fiscal first-quarter, the company expects to see EPS in the range of $0.19 to $0.23 and revenues to be $570 million, give or take 2%. The consensus estimates called for $0.17 in EPS and $545.54 million in revenue for the coming quarter.

During the fourth quarter, gross margin was 57.6%, which rose from 52.4% in the fourth quarter in the prior year.

Cash flow from operations for the quarter was $119 million. On the books, cash, cash equivalents, and short-term investments totaled $1.67 billion at the end of the quarter, compared with $2.28 million at the end of the previous fiscal year.

Matt Murphy, President and CEO, commented:

Marvell delivered another strong performance in Q4’17, which demonstrates our team’s ongoing commitment to the Company’s transformation and the growing power of our business model. Our performance also demonstrates the strength of our portfolio in the data storage, network infrastructure and wireless connectivity markets, which are core to our business.

So far in 2017 Marvell has outperformed the broad markets with the stock up 14% at this time.

Shares of Marvell closed Thursday at $15.85, with a consensus analyst price target of $16.24 and a 52-week trading range of $9.05 to $16.30. Following the release of the earnings report, the stock was initially up nearly 2% at $16.15 in the after-hours trading session.

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