Earnings Roundup: AAPL, IBM, VMW, COF, STLD
Monday, October 18, 2021 7:54 PM

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Apple Inc. (NASDAQ: AAPL) reported Monday that its fiscal fourth quarter profit surged 70%, helped by strong sales of its wildly popular iPhone. However, shares of the company slumped more than 5% in extended trading as iPad sales missed analyst expectations. Net income climbed to $4.31 billion, or $4.64 per share, from $2.53 billion, or $2.77 per share, in prior-year quarter. Revenue jumped 67% to $20.34 billion from $12.21 billion in the same quarter last year. Analysts, on average, expected the company to report earnings of $4.06 per share on revenue of $18.86 billion. Gross margin for the fourth quarter dropped to 36.9% from 41.8% in the prior year quarter, while operating margin for the quarter declined to 26.8% from 30.1% a year earlier. IPhone sales soared 91% to 14.1 million units. The company sold 4.19 million iPads during the fourth quarter. Analysts expected Apple to sell nearly 4.8 million iPads during the quarter. Looking ahead to the fiscal first-quarter, the company said that it expects earnings of $4.80 per share on revenue of $23 billion. Analysts currently expect the company to report earnings of $5.03 per share on revenue of $22.35 billion.

International Business Machines Corp. (NYSE: IBM) said Monday that its third-quarter net income improved to $3.6 billion, or $2.82 a share, from $3.2 billion, or $2.40 a share, in the year-ago period. Excluding non-operating pension charges and acquisition-related charges, operating net earnings would have been $3.63 billion or $2.85 per share for the quarter.Revenue grew 3% to $24.3 billion. Analysts, on average, expected the company to report earnings of $2.75 per share on revenue of $24.12 billion. Looking ahead, the company now expects fiscal 2010 earnings to be at least $11.40 per share. Previously the company anticipated earnings of at least $11.25 per share. Analysts currently expect earnings of $11.29 per share for the full-year. IBM shares plunged more than 3% in after-hours trading.

VMware Inc. (NYSE: VMW) reported that its third-quarter net income jumped to $84.6 million, or 20 cents a share, from $38.2 million, or 9 cents a share, in the year-earlier period. Revenue soared to $714.2 million from $489.8 million. Analysts, on average, expected the company to report earnings of 35 cents per share on revenue of $697.75 million. Shares of the company tumbled more than 5% in late trading.

Capital One Financial Corp. (NYSE: COF) said Monday that its third quarter net income surged to $803 million, or $1.76 per share, from $394 million, or 87 cents per share, in the comparable quarter last year. Revenue increased $4.016 billion from $3.558 billion. Analysts, on average, expected the company to report earnings of $1.13 per share on revenue of $3.80 billion. Shares of the credit card lender rallied more than 4% in after-hours trading.

Steel Dynamics Inc. (NASDAQ: STLD) reported that its third-quarter net income declined to $18.74 million, or 9 cents per share, from $69.02 million, or 30 cents per share, in the year-ago period. Revenue rose to $1.58 billion from $1.17 billion. Analysts, on average, expected the company to report earnings of 9 cents per share on revenue of $1.50 billion. 

Disclosure: Author doesn't own any of the stocks discussed here.

 

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Market news:

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    • POCHEON, South Korea - North Korea says it is ready to launch a "sacred war," accusing South Korea of exacerbating tensions on the peninsula.
    • The North's state media reports that defense chief Kim Yong Chun made the remarks during a national meeting in Pyongyang on Thursday.
    • The Korean Central News Agency quotes Kim as saying that North Korea is "fully prepared to launch a sacred war" - and noting it has nuclear capabilities - because South Korea is deliberately pushing the peninsula to the brink of a war.
      • Gays ousted from military now hoping to return Dec 23, 2021 06:00 AM

        • NEW YORK - Joseph Rocha reported being cruelly hazed by Navy colleagues.
        • David Hall was outed by a fellow Air Force cadet and booted from the career he loved.
        • Yet Hall, Rocha and Miller savored military duty and now - with "don't ask, don't tell" heading toward oblivion - they want to return.
          • NBA-best Spurs beat Anthony-less Nuggets Dec 23, 2021 04:42 AM

            • SAN ANTONIO - Manu Ginobili and Gary Neal scored 22 points apiece, and the San Antonio Spurs won their 10th in a row, 109-103 over the Denver Nuggets, who were without All-Star Carmelo Anthony on Wednesday night because of death of his sister.
            • It ranks among the 11 best starts to a season in NBA history.
            • Ty Lawson and J.R. Smith led the Nuggets with 22 points apiece, and Kenyon Martin played 17 minutes in his season debut after missing the first 26 games while recovering from knee surgery.
              • Hearing officer: Emanuel can run for Chicago mayor Dec 23, 2021 04:42 AM

                • CHICAGO - Former White House chief of staff Rahm Emanuel cleared an important hurdle in his bid to be Chicago mayor early Thursday when a hearing officer recommended his name appear on the February ballot, even though Emanuel spent much of the last two years living in Washington working for President Barack Obama.
                • The board is scheduled to meet later Thursday and will likely make a decision.
                • Election board hearing officer Joseph Morris said evidence suggests that Emanuel had no intention of terminating his residency in Chicago, left the city only to work for Obama and often told friends he intended to live in Washington for no more than two years.
                  • Kremlin hails Senate's approval of nuclear treaty Dec 23, 2021 04:40 AM

                    • MOSCOW - President Dmitry Medvedev on Thursday welcomed the U.S. Senate's decision to ratify a landmark U.S.-Russian nuclear arms control treaty, but Russian legislators said they need to study a resolution accompanying the document before following suit.
                    • Medvedev's spokeswoman Natalya Timakova said that when Medvedev signed the New START treaty with President Barack Obama, they agreed that the ratification process should be conducted simultaneously.
                    • She said that Medvedev voiced hope that both houses of Russian parliament would ratify the pact, but added that they would need some time to analyze the Senate's conditions for its ratification before making their decision.

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