EmailStory Stocks®
Archive
Last Update: 10-Nov-11 09:31 ET
Cisco Systems Tops First Quarter Expectations; Guides Second Quarter Earnings Above Consensus
Cisco Systems (CSCO $17.61) reported first quarter earnings of $0.43 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $0.39.
Revenues rose 4.7% year/year to $11.26 billion versus the $11.03 billion consensus.
During the first quarter of fiscal 2012, Cisco repurchased 100 million shares of common stock under the stock repurchase program at an average price of $15.37 per share for an aggregate purchase price of $1.5 billion. Days sales outstanding in accounts receivable (DSO) at the end of the first quarter of fiscal 2012 were 35 days, compared with 38 days at the end of both the fourth quarter of fiscal 2011 and first quarter of fiscal 2011. Non-GAAP inventory turns were 10.9 in the first quarter of fiscal 2012, compared with 11.4 in the fourth quarter of fiscal 2011, and compared with 10.8 in the first quarter of fiscal 2011.
"We delivered a solid quarter... Even in times of limited capital spending, intelligent networks are being deployed to drive new business, revenue and consumption models, enable new customer and employee experiences, and drive efficiencies. Cisco's leadership in networking, video, collaboration and cloud, offered together in an integrated architectural approach, uniquely positions Cisco as a strategic business partner."
On the conference call, the company guided Fiscal Q2 EPS in the range of $0.42 to 0.44 vs $0.41 Capital IQ Consensus Estimate; sees Q2 non-GAAP gross margins of 61.5%-62%; sees Q2 non-gaap operating margin of 26-27%.
Revenues rose 4.7% year/year to $11.26 billion versus the $11.03 billion consensus.
During the first quarter of fiscal 2012, Cisco repurchased 100 million shares of common stock under the stock repurchase program at an average price of $15.37 per share for an aggregate purchase price of $1.5 billion. Days sales outstanding in accounts receivable (DSO) at the end of the first quarter of fiscal 2012 were 35 days, compared with 38 days at the end of both the fourth quarter of fiscal 2011 and first quarter of fiscal 2011. Non-GAAP inventory turns were 10.9 in the first quarter of fiscal 2012, compared with 11.4 in the fourth quarter of fiscal 2011, and compared with 10.8 in the first quarter of fiscal 2011.
"We delivered a solid quarter... Even in times of limited capital spending, intelligent networks are being deployed to drive new business, revenue and consumption models, enable new customer and employee experiences, and drive efficiencies. Cisco's leadership in networking, video, collaboration and cloud, offered together in an integrated architectural approach, uniquely positions Cisco as a strategic business partner."
On the conference call, the company guided Fiscal Q2 EPS in the range of $0.42 to 0.44 vs $0.41 Capital IQ Consensus Estimate; sees Q2 non-GAAP gross margins of 61.5%-62%; sees Q2 non-gaap operating margin of 26-27%.
