With Apple (AAPL) due to report results for the fiscal third quarter ended June 30 next Tuesday, the Street is trying to guess not only what the numbers will be, but also what kind of guidance the company might give for the September quarter.
In a research note Tuesday morning, Piper Jaffray analyst Gene Munster wrote that strength in Mac and iPhone demand could drive June quarter results above current expectations. The Street is looking for revenue of $8.16 billion and profits of $1.16 a share.
Munster thinks the key will be the company’s commentary on the September quarter. He notes that the company over the last 12 quarters on average has provided EPS guidance 12% below Street expectations, and revenue guidance 4% below the Street. This time, he says, the company may offer in-line guidance. Munster thinks results will get a boost from strong demand for the new 13-inch MacBook Pro, a coming back-to-school promotion, and strength in iPhone demand. Given the company’s typical conservative approach, in-line guidance would likely be well received. The Street consensus for the September quarter is for revenue of $9.02 billion and profits of $1.29 a share.
Barclays Capital analyst Ben Reitzes Tuesday morning likewise wrote in a research note that FY Q3 estimates could prove “very conservative.” One tidbit from the generally routine note: Reitzes says there is declining availability of iPods through Apple retail partners, “possibly backing views that AAPL may launch new iPods in August.”
AAPL Tuesday is down 29 cents, or 0.2%, to $142.05.