Apple Q3 Financials Beat Analysts Estimate for Record Performance
On Tuesday afternoon, Apple released its third quarter (Q3) financial report for fiscal year 2009 ending June 30th. For the second quarter in a row, Apple set a record for non-holiday quarterly revenue and earnings. Revenues were over $8.3 billion, net quarterly profit was $1.23 billion and earnings were $1.35 per diluted share. Gross margins were a remarkable 36.3% and cash on hand increased to $29 billion.
In posting this super performance, especially in a continuing down economy, Apple beat the analysts consensus estimated earnings per share by over 15%--see chart at right.
Mac sales of over 2.6 million were up 4% from Q3 of 2008 and iPod sales of over 10 million and iPhone sales of 5.2 million were down 7% and up a huge 626% respectively. Among the Macs, desktops (iMacs, Mac Pros and Mac minis) were down 10% and portables (MacBooks, MacBook Airs and MacBook Pros) were up 13% as compared with Q3 of 2008. Clearly, Apple's record Q3 in 2009 was due to once again to tremendous iPhone 3GS sales and good portable sales.
Sales revenues in the three big regions were up in 2009 Q3; Americas by 11%, Europe by 22% and Japan by 14% over 2008 Q3. Retail store sales were up a modest 4% over 2008 but still about half of the sales were to people new to the Mac.
Apple announced that it expects to have an improved Q4 that ends September 30th with revenue of $8.7-8.9 billion and earnings per share of $1.18-1.23. Apple usually outperforms its forecasts. [Bill Fox]
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