Tuesday, July 21, 2009

AAPL F3Q09 Earnings 07/21/09-(Daren Pon)

Apple (AAPL) this evening reported fiscal third-quarter results that beat analysts’ sales and profit estimates.

Apple revenue rose 12%, year over year, in the quarter to $8.34 billion, while net income came in at $1.23 billion, or $1.35 per share.

That compares to an average estimate for $8.2 billion in sales and $1.17 per share, or $1.31, excluding options expenses. The results were ahead of Apple’s own forecast for revenue of $7.6 billion to $8 billion and profit of 90 cents to $1 per share.

Gross profit was likely much higher than people’s grim expectations, 36.3%, up from 34.8% percent in the year-earlier quarter.

For the fourth quarter, Apple, as per usual, offered a rather restrained forecast, projecting revenue of $8.7 billion to $8.9 billion and EPS of $1.18 to $1.23, less than the $9.1 billion and $1.30 analysts have been projecting.

Apple shipped 5.2 million iPhones in the June quarter, 10.2 million iPods, and 2.6 million Macs, the company said.

The reported sales and profit don’t include some proceeds from iPhone that are recognized ratably over months that a phone is owned. Including those non-GAAP amounts, Apple generated $9.74 billlion of “adjusted sales” and $1.94 billion of “adjusted net income.” On a per share basis, using a diluted share count of 909.2 million shares, that comes to about $2.13 per share in adjusted EPS, I reckon.

Apple generated $2.3 billion in cash flow from operations in the quarter, the company said.

Apple will host a conference call with analysts at 5 pm, which you can listen to here. http://www.apple.com/quicktime/qtv/earningsq309/

Despite the restrained forecast, Apple shares rose $5.73, or 3.8%, to 157.24 in after-hours trading, after falling 1% during the regular session.

Source: http://blogs.barrons.com/techtraderdaily/2009/07/21/apple-q3-rev-eps-beat-52m-iphones-sold-stock-rises/

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