Helping Apple (NASDAQ:AAPL) beat FQ1 EPS estimates in spite of a revenue miss: Gross margin was 40.1%, up 20 bps Y/Y and above a 39%-40% guidance range. FQ2 GM guidance is at 39%-39.5% vs. a reported 40.8% a year earlier.
Product line performance: iPhone revenue (68% of total revenue) +1% Y/Y to $51.6B; units up fractionally to 74.8M. iPad revenue -21% to $7.1B; units -25% to 16.1M. Mac revenue -3% to $6.7B; units -4% to 5.3M. Services (iTunes/App Store, Apple Music, Apple Pay, AppleCare) +26% to $6.1B. Other products (Apple Watch, iPod, Beats, Apple TV, peripherals) +62% to $4.4B.
Regional performance: Americas revenue -4% Y/Y to $29.3B. Greater China +14% to $18.4B. Europe +4% to $17.9B. Japan -12% to $4.8B. Rest of Asia-Pac +4% to $5.4B.
ASPs: iPhone ASP rose to $691 from FQ4's $670 and FQ3's $660. iPad ASP rose to $439 from FQ4's $433 and FQ3's $419. Mac ASP rose to $1,270 from FQ4's $1,205 and FQ3's $1,257.
Financials: Repurchases of common stock totaled $6.9B. GAAP SG&A spend rose 7% Y/Y to $3.85B; R&D spend rose 27% to $2.4B. Apple ended FQ1 with nearly $216B in cash/investments (much of it offshore), and $63B in debt/commercial paper.
Dividend: Apple has declared its regular quarterly dividend of $0.52/share (2.1% yield). The next dividend will be paid on Feb. 11 to shareholders on record as of the Feb. 8 close.
CFO Luca Maestri: "Our record sales and strong margins drove all-time records for net income and EPS in spite of a very difficult macroeconomic environment." Tim Cook tells CNBC Apple now has over 1B active devices.
Lifting Apple's (NASDAQ:AAPL) FQ4 EPS: Gross margin was 39.9%, up 190 bps Y/Y and above guidance of 38.5%-39.5%. FQ1 GM guidance is at 39%-40%. Also giving EPS a lift: Common stock repurchases totaled $13.3B.
Product line performance: iPhone revenue (63% of total revenue) +36% Y/Y to $32.3B; units +22% to 48M. iPad revenue -20% to $4.3B; units -20% to 9.9M. Mac revenue +4% to $6.9B; units +3% to 5.7M. Services (iTunes/App Store, AppleCare, Apple Pay, Apple Music) +10% to $5.1B. Other products (iPod, Beats, Apple Watch, peripherals) +61% to $3B.
Regional performance: Americas revenue +10% Y/Y to $21.8B. Greater China +99% to $12.5B (iPhone 6 demand). Europe +2% to $10.6B. Japan +9% to $3.9B. Rest of Asia-Pac +27% to $2.7B. International sales were 62% of revenue.
ASPs: iPhone ASP rose to $670 from $660 in FQ3 and $659 in FQ2 (also boosted EPS). iPad ASP rose to $433 from $419 in FQ3 and $430 in FQ2. Mac ASP was $1,205 vs. $1,257 in FQ3 and $1,231 in FQ2.
Financials: GAAP R&D spend rose 32% Y/Y to $2.2B, and SG&A spend 17% to $3.7B. Apple ended FQ4 with nearly $206B in cash/investments (much of it offshore), and $56B in debt.
Apple has declared its regular quarterly dividend of $0.52/share (1.8% yield). The next dividend is payable on Nov. 12 to shareholders on record as of Nov. 9.
AAPL +1.8% after hours to $116.60. Earnings call at 5PM ET (webcast).
With strong iPhone sales (and perhaps also lower memory prices) providing a lift, Apple (NASDAQ:AAPL) had an FQ2 gross margin of 40.8%, up 150 bps Y/Y and above guidance of 38.5%-39.5%. FQ3 GM guidance is at 38.5%-39.5%.
Product line performance: iPhone revenue (69% of total revenue) +55% Y/Y to $40.3B; units +40%. iPad -29% to $5.4B; units -23%. Mac +2% to $5.6B; units +10%. Services (iTunes, App Store, AppleCare, Apple Pay, etc.) +9% to $5B. Other products (iPod, Apple TV, Beats) -10% to $1.7B.
Regional performance: Americas revenue +19% to $21.3B. Europe +12% to $12.2B. Greater China +71% to $16.8B. Japan -15% to $3.5B. Rest of Asia-Pac +48% to $4.2B. International sales were 69% of revenue, up from FQ1's 65%.
iPhone ASP was $659, down from FQ1's $687 but up from FQ4's $603 (iPhone 6 Plus boost). iPad ASP was $430 vs. $419 in FQ1 and $432 in FQ4. Mac ASP was $1,231 vs. $1,258 in FQ1 and $1,200 in FQ4.
GAAP SG&A spend rose 18% Y/Y to $3.46B. R&D spend rose 35% to $1.92B.
$7B was spent on buybacks, up from FQ1's $5B. Apple ended FQ2 with over $193B in cash/investments (much of it offshore), and nearly $44B in debt.
Apple's increased quarterly dividend of $0.52/share is good for a yield of 1.5% at current levels. The next dividend is payable on May 14 to shareholders on record as of the May 11 close.
AAPL +1.5% AH to $134.59. The CC is underway (webcast).
Apple Inc. (AAPL) declares $3.29/share quarterly dividend, 7.9% increase from prior dividend of $3.05.
Forward yield 2.51%
Payable May 15; for shareholders of record May 12; ex-div May 8.
Apr. 23, 2014, 4:56 PM|20 Comments
Jan. 23, 2013, 6:40 PM
Apple Inc. (AAPL) declares dividend of $2.65/share, in line with previous. Forward yield 2.06%. For shareholders of record Feb. 11. Payable Feb. 14. Ex-div date Feb. 07. Shares -10.8% AH. (PR) Jan. 23, 2013, 6:40 PM|32 Comments