Posts Tagged ‘financials’

Avago Technologies Limited (AVGO) posts strong Q3 results, stock spikes

Wednesday, August 24th, 2011

Avago Technologies Limited (Nasdaq : AVGO) shares raced ahead 8.9% to $31.87 Wednesday, a day after announcing strong third-quarter results. Volume for the stock topped 3.3 million, already surpassing its daily average of 2.7 million.

A news release issued August 23 pointed to net revenue of $603 million, an increase of 10% from the same quarter last year.

Gross margin was $297 million, or 49.3% of net revenue. This compares with gross margin of $263 million, or 47.8% of net revenue in the same quarter last year.

Third quarter net income was $144 million, or $0.57 per diluted share. This compares with net income of $123 million, or $0.50 per diluted share in the same quarter last year.

The same release quoted Avago CEO Hock Tan as saying, “During the third quarter of fiscal 2011, our four target markets performed as we expected and we outperformed these markets as our revenue growth for the quarter came in at the high end of guidance.

“While uncertainties prevail in the global economy today, we continue to believe revenue will grow for the balance of the fiscal year due to share gains with certain wireless and wired OEMs.”

Avago Technologies Limited, based in San Jose, California, is a leading designer, developer and global supplier of a broad range of analog semiconductor devices with a focus on III-V based products.

Cisco Systems Inc. (CSCO) balloons on quarterly figures

Thursday, August 11th, 2011

Cisco Systems Inc. (Nasdaq: CSCO) shares rose 17.4% to $16.12 Thursday, on analyst upgrades after the networking-equipment maker reported better-than-expected quarter results late Wednesday. Volume for the stock amounted to 119.9 million shares, compared to a daily average of 75.1 million.

A news release put out August 10 stated that Cisco reported fourth quarter net sales of $11.2 billion, net income on a generally accepted accounting principles (GAAP) basis of $1.2 billion or $0.22 per share, and non-GAAP net income of $2.2 billion or $0.40 per share.

Cisco CEO John Chambers was quoted in the same release as saying, “We’ve made significant progress on our comprehensive action plan to position ourselves for our next stage of growth and profitability, while delivering solid financial results in Q4. As we start our next fiscal year, you will see a very focused, agile, lean and aggressive company that is laser focused on helping our customers use intelligent networks to transform their businesses.”

GAAP net income for the fourth quarter and fiscal year 2011 included pretax charges of $772 million and $923 million, respectively, related to restructuring and other charges.

The San Jose-based Cisco is the worldwide leader in networking that transforms how people connect, communicate and collaborate.

Cree Inc. (CREE) stock leaps on hearty Q4 earnings

Wednesday, August 10th, 2011

Cree Inc. (Nasdaq: CREE) shares rose 19.2% to $35.15 after the maker of fixtures that use light-emitting diodes late Tuesday reported fourth-quarter earnings that beat expectations. Volume for the stock Wednesday was 15.3 million shares, trumping a daily average of 3.7 million.

A news release Tuesday revealed that Cree announced revenue of $243.0 million for its fourth quarter of fiscal 2011, ended June 26, 2011. This represents an 8% decrease compared to revenue of $264.6 million reported for the fourth fiscal quarter last year and an 11% increase compared to the third quarter of fiscal 2011.

GAAP net income for the fourth quarter of $19.8 million, or $0.18 per diluted share, decreased 63% year-over-year compared to GAAP net income of $52.8 million, or $0.48 per diluted share, for the fourth quarter of fiscal 2010.

Cree CEO Chuck Swoboda was quoted in the same article as saying “Q4 results were in-line with our targets and we are encouraged by the 11% sequential growth in quarterly revenue. Over the last fiscal year, we continued to have success leading the LED lighting revolution and growing our LED lighting business, while at the same time managing through a challenging business cycle for our LED component and LED chip product lines. As we look ahead to Q1, demand has improved from earlier in the calendar year and we are well positioned to continue to lead the LED lighting revolution.”

Based in Durham, North Carolina, Cree claims to be leading the LED lighting revolution, and also boasts it is making energy-wasting traditional lighting technologies obsolete through the use of energy-efficient, environmentally friendly LED lighting.

MasterCard Inc. (MA) charges ahead on Q2 profit

Wednesday, August 3rd, 2011

MasterCard Inc. (NYSE: MA) shares rose 12.3% to $335.13 after the payments-network reported second-quarter profit that topped market expectations. Volume for the stock crowded 4.3 million shares, better than four times its daily average.

A news release issued August 3 noted that the company reported net income of $608 million, up 32.8%, and earnings per diluted share of $4.76, up 36.4%, in each case versus the year-ago period.

Net revenue for the second quarter of 2011 was $1.7 billion, a 22.1% increase versus the same period in 2010. On a constant currency basis, net revenue increased 18.0%.

“Solid global performance, including strong increases in volume and processed transactions, fueled double-digit revenue growth this quarter,” said MasterCard CEO Ajay Banga in the same release. “While payment volumes have risen across our base customers, were also seeing new business such as the portfolio conversions of SunTrust and Sovereign, as well as new processing relationships in the Netherlands and in Brazil, contribute to growth.”

Banga added, “During the quarter, work continued in the mobile commerce category highlighted by an agreement with Google and multiple partners to launch the Google Wallet, as well as our alliance with Isis, in the U.S. Additionally, the previously announced Orange and Barclaycard contactless mobile payment service became available to U.K. consumers in May. Other notable agreements we executed include a commercial alliance with China Union Pay to enable its cards for cross-border e-Commerce, and a new, multi-product agreement with Swedbank in the Nordic and Baltic regions.”

MasterCard is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.

Radian Group Inc. (NYSE: RDN) collects black ink, stock spikes

Tuesday, August 2nd, 2011

Radian Group Inc. (NYSE: RDN) shares jumped 25% to $3.85 after the mortgage insurer reported swinging to a profit in the second quarter. Volume for the stock closed in on 7.5 million shares by 11 a.m. ET, towering over an all-day average of below four million.

The company put out a news release August 2, announcing that net income for the quarter ended June 30, 2011 was $137.1 million, or $1.03 per diluted share, which included combined gains from the change in fair value of derivatives and other financial instruments of $193.8 million. This compares to a net loss of $475.1 million, or $4.31 per diluted share, for the prior-year quarter, which included combined net losses from the change in fair value of derivatives and other financial instruments of $587.8 million. Book value per share at June 30, 2011, was $8.48.

In the same release, Radian CEO S.A. Ibrahim noted, “As we face an uncertain U.S. economy and housing market, we believe that Radians risk-to-capital ratio of 19.8 to 1 and the financial flexibility of our holding company cash position provide a competitive advantage for our mortgage insurance business. We were pleased with the continued drop in mortgage insurance delinquencies in the quarter and another period of operating profitability for our financial guaranty business.”

Radian Group Inc., headquartered in Philadelphia, provides private mortgage insurance and related risk mitigation products and services to mortgage lenders nationwide through its principal operating subsidiary, Radian Guaranty Inc. These services help promote and preserve homeownership opportunities for homebuyers, while protecting lenders from default-related losses on residential first mortgages and facilitating the sale of low-down-payment mortgages in the secondary market.