w*********7
发帖数: 2883 | 1 【 以下文字转载自 JQCLUB 俱乐部 】
发信人: winnie91107 (爱的承诺), 信区: JQCLUB
标 题: DELL
发信站: BBS 未名空间站 (Wed Feb 16 12:54:35 2011, 美东)
Dell Shares Up 10% As Earnings Impress Street
SAN FRANCISCO -(Dow Jones)- Shares of Dell Inc. jumped early Wednesday, as
the tech giant's results and forecast drew rave reviews, even as analysts
wondered whether the Texas-based company can sustain its momentum.
Dell (DELL) was recently up 10.5% at $15.37, leading the tech sector higher.
The stock has now gained roughly 12% since Jan. 1.
Analysts pointed to two factors that gave Dell a boost: strong corporate
demand, highlighted by a robust PC-refresh cycle, and generally low
component prices.
"Dell once again positively surprised investors with a strong gross-margin
beat," RBC Capital analyst Amit Daryanani wrote in a note.
But Daryanani also added: "While we are impressed with the gross-margin
expansion, we suspect investors will continue to struggle with the
sustainability of these margins, especially given the reality that component
costs are starting to move higher and competition could intensify."
Needham analyst Richard Kugele was more upbeat as he maintained a buy rating
on Dell, saying, "We continue to believe the corporate PC refresh cycle is
still in the early innings, and that IT spending will translate into server
deployments. Dell is well positioned on both counts."
To be sure, Dell got a big boost from its servers and networking business,
which posted sales of $2.1 billion, up 16% from the year-earlier period.
Meanwhile, Dell's desktop PC sales gained 4% to $3.58 billion, and mobility
computing sales also rose 4% to $4.85 billion.
The company reported gross margin of 21%, compared with 16.6% in the year-
earlier period.
Morgan Stanley analyst Katy Huberty argued that Dell's margins are likely to
slip eventually, saying in a note, "The combination of lower component
costs, lower warranty accruals (part sustainable/part one-time catch up),
and currency benefits boosted gross margin quarter-on-quarter."
But she added that Dell's "revenue shift to higher-margin non-PC revenue is
a trend that we view as largely sustainable through the strong enterprise
spending cycle this year."
Beyond upgrading their PC fleets, spurred largely by adoption of the latest
version of Microsoft Corp.'s (MSFT) Windows operating system, companies are
also spending more on server and storage systems as they upgrade their data-
center technologies.
Dell has been pushing to expand its higher-margin businesses focused on the
corporate market. The results showed incremental progress, as its servers
and networking sales increased to 13% of its total revenue, up from 12% year
over year. However, PC desktops and laptop revenue remained the big chunk -
- more than 50% -- of the company's total sales.
"The results were another data point that Dell is executing on its
transformation to be a more enterprise-centric vendor as its enterprise
solutions and services revenue grew 7% year over year in the fourth quarter,
" Wells Fargo analyst Jason Maynard wrote in a note.
"We think Dell still needs more pieces to complete its enterprise IT
solutions stack, and think the company needs additional assets to maintain
margins and its value proposition," Maynard added. "Unfortunately with only
a few assets remaining, we don't expect them to find any hidden undervalued
deals as they navigate through the commodity nature of the PC business."
In a call with analysts, Dell Chief Executive Michael Dell reaffirmed the
company's intention to make smaller-scale acquisitions in a bid to expand
its portfolio.
For the fourth quarter, Dell reported that profit rose to $927 million, or
48 cents a share, from $334 million, or 17 cents a share, in the year-
earlier period.
Revenue was $15.69 billion, up from $14.9 billion. Adjusted income was 53
cents a share.
On average, Dell was expected to post a profit of 36 cents a share on
revenue of $15.75 billion, according to a survey by FactSet Research.
For the current quarter, the company said it expects "normal seasonal
declines in its consumer and public businesses and, as such, a slight
sequential decline in revenue."
For its full fiscal year, Dell said it expects revenue growth of 5% to 9%.
Analysts had expected the company to grow revenue by 5%, according to a
consensus survey by FactSet. | w*********7
发帖数: 2883 | 2 【 以下文字转载自 JQCLUB 俱乐部 】
发信人: winnie91107 (爱的承诺), 信区: JQCLUB
标 题: DELL
发信站: BBS 未名空间站 (Wed Feb 16 12:54:35 2011, 美东)
Dell Shares Up 10% As Earnings Impress Street
SAN FRANCISCO -(Dow Jones)- Shares of Dell Inc. jumped early Wednesday, as
the tech giant's results and forecast drew rave reviews, even as analysts
wondered whether the Texas-based company can sustain its momentum.
Dell (DELL) was recently up 10.5% at $15.37, leading the tech sector higher.
The stock has now gained roughly 12% since Jan. 1.
Analysts pointed to two factors that gave Dell a boost: strong corporate
demand, highlighted by a robust PC-refresh cycle, and generally low
component prices.
"Dell once again positively surprised investors with a strong gross-margin
beat," RBC Capital analyst Amit Daryanani wrote in a note.
But Daryanani also added: "While we are impressed with the gross-margin
expansion, we suspect investors will continue to struggle with the
sustainability of these margins, especially given the reality that component
costs are starting to move higher and competition could intensify."
Needham analyst Richard Kugele was more upbeat as he maintained a buy rating
on Dell, saying, "We continue to believe the corporate PC refresh cycle is
still in the early innings, and that IT spending will translate into server
deployments. Dell is well positioned on both counts."
To be sure, Dell got a big boost from its servers and networking business,
which posted sales of $2.1 billion, up 16% from the year-earlier period.
Meanwhile, Dell's desktop PC sales gained 4% to $3.58 billion, and mobility
computing sales also rose 4% to $4.85 billion.
The company reported gross margin of 21%, compared with 16.6% in the year-
earlier period.
Morgan Stanley analyst Katy Huberty argued that Dell's margins are likely to
slip eventually, saying in a note, "The combination of lower component
costs, lower warranty accruals (part sustainable/part one-time catch up),
and currency benefits boosted gross margin quarter-on-quarter."
But she added that Dell's "revenue shift to higher-margin non-PC revenue is
a trend that we view as largely sustainable through the strong enterprise
spending cycle this year."
Beyond upgrading their PC fleets, spurred largely by adoption of the latest
version of Microsoft Corp.'s (MSFT) Windows operating system, companies are
also spending more on server and storage systems as they upgrade their data-
center technologies.
Dell has been pushing to expand its higher-margin businesses focused on the
corporate market. The results showed incremental progress, as its servers
and networking sales increased to 13% of its total revenue, up from 12% year
over year. However, PC desktops and laptop revenue remained the big chunk -
- more than 50% -- of the company's total sales.
"The results were another data point that Dell is executing on its
transformation to be a more enterprise-centric vendor as its enterprise
solutions and services revenue grew 7% year over year in the fourth quarter,
" Wells Fargo analyst Jason Maynard wrote in a note.
"We think Dell still needs more pieces to complete its enterprise IT
solutions stack, and think the company needs additional assets to maintain
margins and its value proposition," Maynard added. "Unfortunately with only
a few assets remaining, we don't expect them to find any hidden undervalued
deals as they navigate through the commodity nature of the PC business."
In a call with analysts, Dell Chief Executive Michael Dell reaffirmed the
company's intention to make smaller-scale acquisitions in a bid to expand
its portfolio.
For the fourth quarter, Dell reported that profit rose to $927 million, or
48 cents a share, from $334 million, or 17 cents a share, in the year-
earlier period.
Revenue was $15.69 billion, up from $14.9 billion. Adjusted income was 53
cents a share.
On average, Dell was expected to post a profit of 36 cents a share on
revenue of $15.75 billion, according to a survey by FactSet Research.
For the current quarter, the company said it expects "normal seasonal
declines in its consumer and public businesses and, as such, a slight
sequential decline in revenue."
For its full fiscal year, Dell said it expects revenue growth of 5% to 9%.
Analysts had expected the company to grow revenue by 5%, according to a
consensus survey by FactSet. |
|
