Advanced Micro Devices, Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 28, 2013; Provides Earnings Guidance for the First Quarter and Full Year of 2014
January 21, 2014 at 09:30 pm
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Advanced Micro Devices, Inc. announced consolidated earnings results for the fourth quarter and full year ended December 28, 2013. For the quarter, the company reported net revenue of $1.589 billion, an operating income of $135 million, income before income taxes of $90 million, and a net income of $89 million, or $0.12 per basic and diluted share compared to net revenue of $1.155 billion, an operating loss of $422 million, loss before income taxes of $469 million, and a net loss of $473 million, or $0.63 per basic and diluted share a year ago. Adjusted EBITDA was $165 million against $32 million a year ago. Non-GAAP net income was $45 million or $0.06 per share against non-GAAP net loss of $102 million or $0.14 per share a year ago. Non-GAAP operating income was $91 million against non-GAAP operating loss of $55 million a year ago.
For the year ended December 28, 2013, the company reported net revenue of $5.299 billion, an operating income of $103 million, loss before income taxes of $74 million, and a net loss of $83 million, or $0.11 per basic and diluted share compared to net revenue of $5.422 billion, an operating loss of $1,056 million, loss before income taxes of $1,217 million, and a net loss of $1,183 million, or $1.60 per basic and diluted share a year ago. Net cash provided by operating activities were $21 million against net cash used in operating activities of $148 million a year ago. Purchases of property, plant and equipment was $21 million against $84 million a year ago. Adjusted EBITDA was $412 million against $389 million a year ago. Non-GAAP negative free cash flow was $232 million against $471 million a year ago. Non-GAAP net loss was $83 million or $0.11 per share against non-GAAP net loss of $114 million or $0.16 per share a year ago. Non-GAAP operating income was $103 million against $45 million a year ago.
The company expects its first-quarter revenue to decrease 13% to 19% from the fourth quarter. That would translate into revenue ranging from $1.29 billion to $1.38 billion for the opening quarter of the year; Non-GAAP gross margin to be approximately 35%.
For 2014, the company expects to grow revenue; Capital expenditures of approximately $120 million for the year; to generate positive free cash flow for the year; to be net income profitable for the year.
Advanced Micro Devices, Inc. specializes in the design, manufacturing and marketing of semiconductors and microprocessors. The group sells processors, chips, cards, connection products, adapters, etc. intended primarily for computers, servers, workstations, telephones, and game consoles.
Net sales are distributed geographically as follows: the United States (34.6%), China (15.1%), Japan (20.4%), Singapore (9.8%), Europe (8.9%), Taiwan (8.1%) and others (3.1%).
Advanced Micro Devices, Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 28, 2013; Provides Earnings Guidance for the First Quarter and Full Year of 2014