Apple Earnings

Apple earnings 2009 by the numbers

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Apple Earnings Report 2009

Apple reports September quarter earnings recently. There are some very interesting numbers in Apple’s third-quarter press release. Led by strong Mac and iPhone sales, Apple should have no trouble beating September quarter expectations.

In its conference call, Apple has also disclosed more numbers which is still in progress. Here are some highlights:

3.05 million Macs sold this quarter, up 17 percent from a year ago. The overall PC market is expected to grow just 2 percent in the third quarter. That means Apple is taking market share from Windows still. But average selling prices per Mac are down. Sales outside the U.S. were stronger than sales inside the U.S.

10.2 million iPods sold this quarter, down 8 percent from 11 million a year ago. The iPod Touch sales were up 100 percent year-over-year.

7.4 million iPhones sold in the quarter, up 7 percent from a year ago. That’s a new record. iPhone sell through in the quarter was up 38 percent over a year ago.

$9.87 billion in third quarter revenues, up 25 percent ; analysts expected $9.2 billion.

$1.82 a share in earnings per share, up 47 percent; analysts expected $1.42 a share.

273 Apple stores now open, up 15. Apple is spending $400 million a year on stores. It remodeled 72 of them and opened 26 new stores in the quarter. That means some Apple stores closed in the quarter.

45.9 million visitors to Apple stores in the quarter, up from 42.7 million a year ago. Average revenue per store is $7.1 million per quarter, down from $7.6 million a year ago.

Apple has $23.4 billion in cash and short-term investments. With long-term investments included, Apple has $34 billion in current assets, up from $31 billion last quarter.

Expected fourth quarter revenue: $11.3 billion to $11.6 billion Earnings per share in fourth quarter are expected to be $1.70 a share to $1.78 a share.

2.4 million iPhones are in the inventory channel, up 500,000 from a quarter before.

China and Korea are expected to roll iPhones out in fourth quarter. Canada and UK are expected to add a second iPhone carrier.

Key Stats:

Sept. quarter revenue: $9.20 billion consensus, $9.4 billion “real” expectations
Sept. quarter EPS: $1.42 consensus, $1.65 “real” expectations
Sept. quarter iPhones: 7.5 million consensus
Sept. quarter Macs: 2.75 million consensus, 2.9 million (RBC)
Sept. quarter iPods: 10.5 million consensus, many expect below 10 million
Dec. quarter guidance: (OLD ACCOUNTING METHOD) $10.8-11 billion sales, $1.65-1.70 EPS.
Dec. quarter guidance: (NEW ACCOUNTING METHOD) $12.4-12.7 billion of sales and $2.44-2.60 EPS (RBC estimate)
Dec. quarter consensus: (OLD ACCOUNTING METHOD) $11.45 billion sales, $1.91 EPS

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