Intel Corp. (INTC) , el conocido fabricante de chips, presentó los mejores resultados trimestrales de su historia al tener unos ingresos de 10,8 mil millones de dólares. Con ello, Intel registró una ganancia de 2,9 mil millones de dólares, o 51 centavos por acción, frente a la pérdida de 398 millones, o 7 centavos por acción, del mismo periodo del año anterior.
El margen bruto de Intel aumentó del 50,8% al porcentage récord del 67%, por encima de su propia proyección.
Para más información vease: Intel Reports Best Quarter Ever >
Intel Corporation today reported second-quarter revenue of $10.8 billion, up 34 percent year-over-year. The company reported operating income of $4.0 billion, net income of $2.9 billion and EPS of 51 cents.
“Strong demand from corporate customers for our most advanced microprocessors helped Intel achieve the best quarter in the company’s 42-year history,” said Paul Otellini, Intel president and CEO. “Our process technology lead plus compelling architectural designs increasingly differentiate Intel-based products in the marketplace. The PC and server segments are healthy and the demand for leading-edge technology will continue to increase for the foreseeable future.”
GAAP Financial Comparison
|Q2 2010||vs. Q1 2010||vs. Q2 2009|
|Revenue||$10.8 billion||up $466 million||up $2.7 billion|
|Operating Income||$4.0 billion||up $533 million||up $4.0 billion|
|Net Income||$2.9 billion||up $445 million||up $3.3 billion|
|Earnings Per Share||51 cents||up 8 cents||up 58 cents|
|Non-GAAP Financial Comparison
Excluding Q2 2009 European Commission Fine of $1.45 Billion
|Q2 2010||vs. Q2 2009|
|Revenue||$10.8 billion||up $2.7 billion||up 34%|
|Operating Income||$4.0 billion||up $2.5 billion||up 177%|
|Net Income||$2.9 billion||up $1.8 billion||up 175%|
|Earnings Per Share||51 cents||up 33 cents||up 183%|
Q2 2010 Highlights
- PC Client Group revenue was up 2 percent sequentially, with record mobile microprocessor revenue.
- Data Center Group revenue was up 13 percent sequentially, with record server microprocessor revenue.
- Intel® Atom™ microprocessor and chipset revenue of $413 million, up 16 percent sequentially.
- The average selling price (ASP) for microprocessors was slightly up sequentially.
- Gross margin was 67 percent, 3 percentage points higher than the midpoint of the company’s expected range of 62 to 66 percent.
- R&D plus MG&A spending was $3.25 billion, higher than the company’s prior expectation of approximately $3.1 billion.
- The net gain from equity investments and interest and other was $204 million, higher than the company’s revised expectation of $180 million.
- The effective tax rate was 31 percent, slightly below the company’s revised expectation of approximately 32 percent.
The Outlook for the third quarter does not include the effect of any other acquisitions, divestitures or similar transactions that may be completed after July 12.
- Revenue: $11.6 billion, plus or minus $400 million.
- Gross margin: 67 percent, plus or minus a couple percentage points.
- R&D plus MG&A spending: Approximately $3.2 billion.
- Impact of equity investments and interest and other: approximately zero.
- Depreciation: Approximately $1.1 billion.
- Gross margin: 66 percent, plus or minus a couple percentage points. The company’s prior expectation was 64 percent, plus or minus a couple percentage points.
- Spending (R&D plus MG&A): $12.7 billion, plus or minus $100 million. The company’s prior expectation was $12.4 billion, plus or minus $100 million.
- R&D spending: Approximately $6.6 billion. The company’s prior expectation was approximately $6.4 billion.
- Tax rate: Approximately 32 percent for the third and fourth quarters, higher than the company’s prior expectation of 31 percent.
- Depreciation: Approximately $4.4 billion, plus or minus $100 million.
- Capital spending: $5.2 billion, plus or minus $200 million. The company’s prior expectation was $4.8 billion, plus or minus $100 million.
Status of Business Outlook
During the quarter, Intel’s corporate representatives may reiterate the Business Outlook during private meetings with investors, investment analysts, the media and others. From the close of business on Aug. 27 until publication of the company’s third-quarter earnings release, Intel will observe a “Quiet Period” during which the Business Outlook disclosed in the company’s news releases and filings with the SEC should be considered as historical, speaking as of prior to the Quiet Period only and not subject to an update by the company.
The above statements and any others in this document that refer to plans and expectations for the third quarter, the year and the future are forward-looking statements that involve a number of risks and uncertainties. Many factors could affect Intel’s actual results, and variances from Intel’s current expectations regarding such factors could cause actual results to differ materially from those expressed in these forward-looking statements. Intel presently considers the following to be the important factors that could cause actual results to differ materially from the corporation’s expectations.
- Demand could be different from Intel’s expectations due to factors including changes in business and economic conditions; customer acceptance of Intel’s and competitors’ products; changes in customer order patterns including order cancellations; and changes in the level of inventory at customers.
- Intel operates in intensely competitive industries that are characterized by a high percentage of costs that are fixed or difficult to reduce in the short term and product demand that is highly variable and difficult to forecast. Additionally, Intel is in the process of transitioning to its next generation of products on 32nm process technology, and there could be execution issues associated with these changes, including product defects and errata along with lower than anticipated manufacturing yields. Revenue and the gross margin percentage are affected by the timing of Intel product introductions and the demand for and market acceptance of Intel’s products; actions taken by Intel’s competitors, including product offerings and introductions, marketing programs and pricing pressures and Intel’s response to such actions; defects or disruptions in the supply of materials or resources; and Intel’s ability to respond quickly to technological developments and to incorporate new features into its products.
- The gross margin percentage could vary significantly from expectations based on changes in revenue levels; product mix and pricing; start-up costs; variations in inventory valuation, including variations related to the timing of qualifying products for sale; excess or obsolete inventory; manufacturing yields; changes in unit costs; impairments of long-lived assets, including manufacturing, assembly/test and intangible assets; the timing and execution of the manufacturing ramp and associated costs; and capacity utilization.
- Expenses, particularly certain marketing and compensation expenses, as well as restructuring and asset impairment charges, vary depending on the level of demand for Intel’s products and the level of revenue and profits.
- The tax rate expectation is based on current tax law and current expected income. The tax rate may be affected by the jurisdictions in which profits are determined to be earned and taxed; changes in the estimates of credits, benefits and deductions; the resolution of issues arising from tax audits with various tax authorities, including payment of interest and penalties; and the ability to realize deferred tax assets.
- Gains or losses from equity securities and interest and other could vary from expectations depending on gains or losses on the sale, exchange, change in the fair value or impairments of debt and equity investments; interest rates; cash balances; and changes in fair value of derivative instruments.
- The majority of Intel’s non-marketable equity investment portfolio balance is concentrated in companies in the flash memory market segment, and declines in this market segment or changes in management’s plans with respect to Intel’s investments in this market segment could result in significant impairment charges, impacting restructuring charges as well as gains/losses on equity investments and interest and other.
- Intel’s results could be impacted by adverse economic, social, political and physical/infrastructure conditions in countries where Intel, its customers or its suppliers operate, including military conflict and other security risks, natural disasters, infrastructure disruptions, health concerns and fluctuations in currency exchange rates.
- Intel’s results could be affected by the timing of closing of acquisitions and divestitures.
- Intel’s results could be affected by adverse effects associated with product defects and errata (deviations from published specifications), and by litigation or regulatory matters involving intellectual property, stockholder, consumer, antitrust and other issues, such as the litigation and regulatory matters described in Intel’s SEC reports. An unfavorable ruling could include monetary damages or an injunction prohibiting us from manufacturing or selling one or more products, precluding particular business practices, impacting Intel’s ability to design its products, or requiring other remedies such as compulsory licensing of intellectual property.
A detailed discussion of these and other factors that could affect Intel’s results is included in Intel’s SEC filings, including the report on Form 10-Q for the quarter ended March 27, 2010.
Intel will hold a public webcast at 2:30 p.m. PDT today on its Investor Relations website at www.intc.com. A webcast replay and MP3 download will also be made available on the site.
Intel plans to report its earnings for the third quarter of 2010 on Tuesday, Oct. 12, 2010. Immediately following the earnings report, the company plans to publish a commentary by Stacy J. Smith, vice president and chief financial officer, at www.intc.com/results.cfm. A public webcast of Intel’s earnings conference call will follow at 2:30 p.m. PDT at www.intc.com.
Intel (NASDAQ: INTC – News) is a world leader in computing innovation. The company designs and builds the essential technologies that serve as the foundation for the world’s computing devices. Additional information about Intel is available at www.intel.com/pressroom and blogs.intel.com.
Intel, the Intel logo, and Intel Atom are trademarks of Intel Corporation in the United States and other countries.
* Other names and brands may be claimed as the property of others.
|CONSOLIDATED SUMMARY STATEMENT OF OPERATIONS DATA|
|(In millions, except per share amounts)|
|Three Months Ended||Six Months Ended|
|June 26,||June 27,||June 26,||June 27,|
|Cost of sales||3,530||3,945||7,300||7,852|
|Research and development||1,666||1,303||3,230||2,620|
|Marketing, general and administrative||1,584||1,248||3,098||2,446|
|R&D AND MG&A||3,250||2,551||6,328||5,066|
|European Commission fine||–||1,447||–||1,447|
|Restructuring and asset impairment charges||–||91||–||165|
|Amortization of acquisition-related intangibles||4||2||7||4|
|OPERATING INCOME (LOSS)||3,981||(12||)||7,429||635|
|Gains (losses) on equity investments, net||193||(69||)||162||(182||)|
|Interest and other, net||11||31||40||126|
|INCOME (LOSS) BEFORE TAXES||4,185||(50||)||7,631||579|
|Provision for taxes||1,298||348||2,302||348|
|NET INCOME (LOSS)||$||2,887||$||(398||)||$||5,329||$||231|
|BASIC EARNINGS (LOSS) PER COMMON SHARE||$||0.52||$||(0.07||)||$||0.96||$||0.04|
|DILUTED EARNINGS (LOSS) PER COMMON SHARE||$||0.51||$||(0.07||)||$||0.94||$||0.04|
|WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:|
|CONSOLIDATED SUMMARY BALANCE SHEET DATA|
|June 26,||March 27,||Dec. 26,|
|Cash and cash equivalents||$||5,514||$||4,988||$||3,987|
|Accounts receivable, net||2,430||2,192||2,273|
|Work in process||1,637||1,473||1,469|
|Deferred tax assets||1,206||1,423||1,216|
|Other current assets||1,180||781||813|
|TOTAL CURRENT ASSETS||26,464||23,724||21,157|
|Property, plant and equipment, net||16,946||17,028||17,225|
|Marketable equity securities||916||926||773|
|Other long-term investments||3,947||4,326||4,179|
|Other long-term assets||4,937||5,317||5,340|
|Accrued compensation and benefits||1,962||1,377||2,448|
|Deferred income on shipments to distributors||582||653||593|
|Income taxes payable||–||916||86|
|Other accrued liabilities||2,094||2,881||1,636|
|TOTAL CURRENT LIABILITIES||7,937||8,912||7,591|
|Long-term income taxes payable||174||174||193|
|Long-term deferred tax liabilities||586||707||555|
|Other long-term liabilities||1,095||1,028||1,003|
|Common stock and capital in excess of par value||15,741||15,466||14,993|
|Accumulated other comprehensive income (loss)||231||414||393|
|TOTAL STOCKHOLDERS’ EQUITY||45,841||42,900||41,704|
|TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY||$||57,691||$||55,773||$||53,095|
|SUPPLEMENTAL FINANCIAL AND OTHER INFORMATION|
|Q2 2010||Q1 2010||Q2 2009|
|Cash and short-term investments||$12,229||$10,915||$9,021|
|Trading assets – marketable debt securities (1)||5,543||5,427||2,284|
|Total cash investments||$17,772||$16,342||$11,305|
|Trading assets – equity securities (2)||
|Total trading assets – sum of 1+2||$6,074||$5,427||$2,603|
|SELECTED CASH FLOW INFORMATION:|
|Amortization of intangibles||$63||$61||$75|
|Investments in non-marketable equity instruments||($100)||($69)||($83)|
|Proceeds from sales of shares to employees, tax benefit & other||$218||$230||$1|
|Net cash received/(used) for divestitures/acquisitions||($33)||($37)||–|
|EARNINGS PER COMMON SHARE INFORMATION:|
|Weighted average common shares outstanding – basic||5,563||5,529||5,595|
|Dilutive effect of employee equity incentive plans||96||101||–|
|Dilutive effect of convertible debt||52||51||–|
|Weighted average common shares outstanding – diluted||5,711||5,681||5,595|
|Cumulative shares repurchased (in billions)||3.4||3.4||3.3|
|Remaining dollars authorized for buyback (in billions)||$5.7||$5.7||$7.4|
|Employees (in thousands)||80.4||79.9||80.5|
|SUPPLEMENTAL OPERATING GROUP RESULTS|
|($ in millions)|
|Three Months Ended||Six Months Ended|
|Q2 2010||Q2 2009||Q2 2010||Q2 2009|
|PC Client Group|
|Chipset, motherboard and other revenue||1,684||1,432||3,445||2,544|
|Data Center Group|
|Chipset, motherboard and other revenue||317||276||636||528|
|Other Intel Architecture groups||417||328||792||654|
|Intel Architecture group revenue||10,370||7,811||20,290||14,762|
|Other operating groups||386||172||755||321|
|TOTAL NET REVENUE||$||10,765||$||8,024||$||21,064||$||15,169|
|Operating income (loss)|
|PC Client Group||$||3,428||$||1,297||$||6,571||$||1,998|
|Data Center Group||1,064||434||1,899||700|
|Other Intel Architecture groups||(18||)||(60||)||(47||)||(136||)|
|Intel Architecture group operating income||4,474||1,671||8,423||2,562|
|Other operating groups||(21||)||(35||)||(42||)||(188||)|
|TOTAL OPERATING INCOME (LOSS)||$||3,981||$||(12||)||$||7,429||$||635|
|SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS|
|In addition to disclosing financial results calculated in accordance with United States (U.S.) generally accepted accounting principles (GAAP), this earnings release contains non-GAAP financial measures that exclude the charge incurred in the second quarter of 2009 as a result of the European Commission (EC) fine in the amount of €1.06 billion, or about $1.45 billion.|
|The non-GAAP financial measures disclosed by the company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully evaluated. Management believes the non-GAAP financial measures are appropriate for both its own assessment of, and to show the reader, how our performance compares to other periods. Set forth below are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.|
|(In millions, except per-share amounts)|
|Three Months Ended||Six Months Ended|
|June 26,||June 27,||June 26,||June 27,|
|GAAP OPERATING INCOME (LOSS)||$||3,981||$||(12||)||$||7,429||$||635|
|Adjustment for EC fine||–||1,447||–||1,447|
|OPERATING INCOME EXCLUDING EC FINE||$||3,981||$||1,435||$||7,429||$||2,082|
|GAAP NET INCOME (LOSS)||$||2,887||$||(398||)||$||5,329||$||231|
|Adjustment for EC fine||–||1,447||–||1,447|
|NET INCOME EXCLUDING EC FINE||$||2,887||$||1,049||$||5,329||$||1,678|
|GAAP DILUTED EARNINGS (LOSS) PER COMMON SHARE||$||0.51||$||(0.07||)||$||0.94||$||0.04|
|Adjustment for EC fine||–||0.25||–||0.26|
|DILUTED EARNINGS PER COMMON SHARE EXCLUDING EC FINE||$||0.51||$||0.18||
|(1) Calculated based on common shares of 5,678 for three months ended June 27, 2009, which is the number of common shares that would have been used in the calculation of diluted earnings per common share if the Company had GAAP net income.|