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Friday, February 3, 2012

Qualcomm Reports Record Earnings: Revenues, Income, EPS Upsurge

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Qualcomm Reports Record Earnings: Revenues, Income, EPS Upsurge


Qualcomm Summary Calendar Q4 2011 Qualcomm reported record financial results with all-time high total revenues, net income, and earning per share. The outlook for calendar Q1 2012 is for more record earnings. Financial position continues very liquid and strong. "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 CEO Dr. Paul E. Jacobs. "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."


Qualcomm Income Statement Calendar Q4 2011 Qualcomm reported record total revenues of $4.68 billion, record net income of $1.55 billion, and record earnings per share of $0.81. From the prior calendar quarter Q3 2011, total revenues were +14%, net income +33%, and earnings per share +31%. From the prior year calendar Q4 2011, total revenues were +40%, net income +20%, and earnings per share +14%. Gross margin increased slightly QoQ to 44.6%, operating margin was flat QoQ at 33.1%, and net margin increased significantly QoQ to 29.9%. The operating expense ratio decreased to a 4-quarter low of 66.9%. Equipment and services have increased to 67% of total revenues over licensing and royalty fees.


Qualcomm Balance Sheet Calendar Q4 2011 Qualcomm continues incredibly liquid and well capitalized. Total assets have reached an all-time high of $37.61 billion. Qualcomm has $11.5 billion in short-term cash, cash equivalents, and marketable securities. Add noncurrent marketable securities and total reserves are $22.0 billion. Capital to assets increased QoQ and YoY to a very strong 75.8%. Return on assets of 12.89% is a multi-year, if not all-time, high.


Qualcomm Calendar Q1 2012 Business Outlook
• GAAP & Non-GAAP Revenues: $4.6B - $5.0B
• GAAP EPS: $1.20 - $1.26
• Non-GAAP EPS: $0.91 - $0.97


Qualcomm Performance by the Quarters


Qualcomm Cash Flow per Share and Earnings Per Share Current Cash Flow per Share of $1.03 dipped slightly QoQ from the prior $1.06, which was an 11-quarter high. Current Earnings per Share of $0.81 is a an all-time high, a +31% increase QoQ, and a +14% YoY increase.




Qualcomm Total Revenues, Operating Income, and Net Income Current Total Revenues of $4.68 billion is a record high, a +14% increase QoQ, and a +40% increase YoY. Current Operating Income of $1.55 billion is a record high. Current Net Income of $1.40 billion is a record high, a +33% increase QoQ, and a +20% increase YoY.




Qualcomm Gross Margin, Operating Margin, and Net Margin Current Gross Margin (Equipment and Services) of 44.6% slightly increased QoQ, significantly decreased YoY, and is below the 47.3% historical average. Current Operating Margin of 33.1% increased QoQ, is flat YoY, and is above the 30.5% historical average. Current Net Margin of 29.9% significantly increased QoQ, decreased significantly YoY, and is just above the 29.3% historical average.



Qualcomm Return on Assets Current Return on Assets of 12.9% is a multi-year, if not all-time, high. The ROA chart average is 11.2%.



Qualcomm Growth Rates YoY Current Total Revenues Growth YoY of +40% is well above the historical average and the 6th consecutive quarter of growth. Current Earnings per Share Growth YoY of +14% is historically below average but the 7th consecutive quarter of growth.



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