Qualcomm Posts Good Numbers, Raises Guidance A Little
Jul 24th 2013 4:22PM
Qualcomm Inc. (NASDAQ: QCOM) reported third fiscal quarter 2013 results after markets closed today. For the quarter, the communications chipmaker posted adjusted diluted earnings per share (EPS) of $1.03 on revenues of $6.24 billion. In the same period a year ago, the company reported EPS of $0.85 on revenues of $4.63 billion. Third-quarter results compare to the Thomson Reuters consensus estimates for EPS of $1.03 EPS and $6.05 billion in revenues.
On a GAAP basis, Qualcomm reported quarterly diluted EPS of $0.90.
The company estimated 3G/4G device shipments totaling 244 to 248 million units at an average price of $227 to $233 per unit.
The company's CEO said:
We delivered another strong quarter as our Qualcomm Snapdragon solutions were prominent in a broad set of flagship smartphones, and 3G/4G device average selling prices were stronger than expected. ... We see expanding opportunities for growth of 3G/4G devices around the globe, driven by the strong pace of innovation in the industry.
The company guided fourth quarter revenues to a range of $5.9 to $6.6 billion, up 21% to 35% over a year ago. The consensus estimate had called for $6.29 billion. Adjusted diluted EPS is forecast at $1.02 to $1.10, compared with $0.89 in the fourth quarter of last year and the consensus estimate of $1.08.
For the full 2013 fiscal year, Qualcomm estimates $24.3 to $25 billion in revenues, raising the lower end of the range by $300 million from prior guidance, and adjusted EPS of $4.48 to $4.56, higher than previous guidance of $4.40 to $4.55. The consensus estimates called for revenues of $24.48 billion and EPS of $4.54.
Shares are trading up about 2% at $62.55 in after-hours trading today, in a 52-week range of $56.40 to $68.50. Thomson Reuters had a consensus analyst price target of around $75.00 before today's report.
Filed under: Technology Tagged: QCOM