40% Jump in Sales During Qualcomm's (QCOM) Q1; FY12 Outlook Boosted
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Price: $161.14 +0.25%
Financial Fact:
Diluted earnings per common share (in dollars per share): 1.07
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Diluted earnings per common share (in dollars per share): 1.07
Today's EPS Names:
BTTX, VAXX, ELYS, More
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Qualcomm Incorporated (Nasdaq: QCOM) shares are trading up 6 percent in Wednesday's after-hours session following the release of first-quarter results and second-quarter guidance.
Revenue rose 40 percent year over year and 14 percent sequentially to $4.68 billion, topping the Street’s consensus of $4.58 billion.
Operating income increased 24 percent from the first quarter of 2011 and 25 percent sequentially to $1.55 billion.
GAAP net income rose 20 percent from the same quarter last year and 33 percent from the fourth quarter of 2011 to $1.40 billion, while diluted earnings per share increased 14 percent to $0.81. On a non-GAAP basis, EPS rose 18 percent from the year-ago quarter to $0.97, topping the Street’s consensus of $0.90.
Operating cash flow accounted for 38 percent of revenue and totaled $1.78 billion. Free cash flow accounted for 32 percent of revenue and totaled $1.49 billion. Cash, cash equivalents and marketable securities totaled $22.0 billion at the end of the first quarter of fiscal 2012, compared to $20.9 billion at the end of the fourth quarter of fiscal 2011 and $19.1 billion a year ago.
"I am pleased to report another record quarter with revenues, earnings and MSM shipments reaching all-time highs, driven by our industry-leading chipset portfolio and the continued strong demand for smartphones around the world," said Dr. Paul E. Jacobs, chairman and CEO of Qualcomm. "We are raising our revenue and earnings guidance as our broad licensing partnerships and extensive chipset roadmap, led by our integrated Snapdragon processors, position us well for strong growth in fiscal 2012. We continue to invest in innovative wireless technologies, products and services, and we are excited about the opportunities ahead as 3G and 4G continue to expand across new device types and geographies."
For the second quarter, the company’s guidance calls for $0.91-$0.97 per share in earnings on $4.6-$5.0 billion in total sales. Analysts on the Street are currently looking for quarterly earnings of $0.89 per share on sales of $4.51 billion.
For fiscal 2012, Qualcomm increased its sales outlook from $18.0-$19.0 billion to $18.7-$19.7 billion. The company also raised its fiscal 2012 earnings guidance from $3.42-$3.62 to $3.55-$3.75. The Street expecting FY12 sales of $18.48 billion and EPS of $3.59.
Revenue rose 40 percent year over year and 14 percent sequentially to $4.68 billion, topping the Street’s consensus of $4.58 billion.
Operating income increased 24 percent from the first quarter of 2011 and 25 percent sequentially to $1.55 billion.
GAAP net income rose 20 percent from the same quarter last year and 33 percent from the fourth quarter of 2011 to $1.40 billion, while diluted earnings per share increased 14 percent to $0.81. On a non-GAAP basis, EPS rose 18 percent from the year-ago quarter to $0.97, topping the Street’s consensus of $0.90.
Operating cash flow accounted for 38 percent of revenue and totaled $1.78 billion. Free cash flow accounted for 32 percent of revenue and totaled $1.49 billion. Cash, cash equivalents and marketable securities totaled $22.0 billion at the end of the first quarter of fiscal 2012, compared to $20.9 billion at the end of the fourth quarter of fiscal 2011 and $19.1 billion a year ago.
"I am pleased to report another record quarter with revenues, earnings and MSM shipments reaching all-time highs, driven by our industry-leading chipset portfolio and the continued strong demand for smartphones around the world," said Dr. Paul E. Jacobs, chairman and CEO of Qualcomm. "We are raising our revenue and earnings guidance as our broad licensing partnerships and extensive chipset roadmap, led by our integrated Snapdragon processors, position us well for strong growth in fiscal 2012. We continue to invest in innovative wireless technologies, products and services, and we are excited about the opportunities ahead as 3G and 4G continue to expand across new device types and geographies."
For the second quarter, the company’s guidance calls for $0.91-$0.97 per share in earnings on $4.6-$5.0 billion in total sales. Analysts on the Street are currently looking for quarterly earnings of $0.89 per share on sales of $4.51 billion.
For fiscal 2012, Qualcomm increased its sales outlook from $18.0-$19.0 billion to $18.7-$19.7 billion. The company also raised its fiscal 2012 earnings guidance from $3.42-$3.62 to $3.55-$3.75. The Street expecting FY12 sales of $18.48 billion and EPS of $3.59.
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