Qualcomm Incorporated Reports Earnings Results for the Fourth Quarter and Full Year Ended September 28, 2014; Provides Earnings Guidance for the First Quarter and Full Year of 2015
January 25, 2015 at 07:02 pm
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QUALCOMM Incorporated reported earnings results for the fourth quarter and full year ended September 28, 2014. For the quarter, the company reported total revenues of $6.69 billion against $6,480 million a year ago. Operating income was $1,992 million against $1,588 million a year ago. Net income was $1,894 million or $1.11 per diluted share against $1,501 million or $0.86 per diluted share a year ago. Non-GAAP operating income was $2,323 million against $1,940 million a year ago. Non-GAAP net income was $2,143 million or $1.26 per diluted share against $1,818 million or $1.05 per diluted share a year ago.
For the full year, the company reported total revenues of $26,487 million against $24,866 million a year ago. Operating income was $7,550 million against $7,230 million a year ago. Net income was $7,967 million against $6,853 million a year ago. Diluted earnings per share attributable to the company were $4.65 against $3.91 a year ago. Non-GAAP operating income was $8,933 million against $8,657 million a year ago. Non-GAAP net income was $9,032 million or $5.27 per diluted share against $7,911 million or $4.51 per diluted share a year ago. EBITDA was $9,347 million against $8,537 million a year ago. Income from continuing operations was $7,534 million against $6,845 million a year ago. Net cash provided by operating activities was $8,887 million against $8,778 million a year ago. Capital expenditures were $1,185 million against $1,048 million a year ago. Free cash flow was $7,702 million against $7,730 million a year ago. Non-GAAP net cash provided by operating activities was $9,195 million against $9,052 million a year ago. Non-GAAP capital expenditures were $1,185 million against $973 million a year ago. Non-GAAP free cash flow was $8,010 million against $8,079 million a year ago.
For the first quarter of 2015, the company expects revenues of $6.6 billion to $7.2 billion. Non-GAAP diluted earnings per share were expected to be $1.18 to $1.30. GAAP diluted EPS is expected to be $1.00 to $1.12.
For the full year of 2015, the company expects revenues of $26.8 billion to $28.8 billion. Non-GAAP diluted earnings per share are expected to be $5.05 to $5.35. Diluted loss attributable to the company is expected to be $0.01. GAAP diluted EPS is expected to be $4.33 to $4.63. Non-GAAP operating income is expected to be in between $9.2 billion to $10.0 billion. GAAP operating income is expected to be in between $7.8 billion to $8.6 billion. The company estimates non-GAAP tax rate to be approximately 17%, higher year-over-year due to business mix, the absence of the federal R&D tax credit and other unique items in 2014.
Qualcomm, Inc. specializes in the design, development, and marketing of CMDA systems and software. The CDMA technique consists of using a broad spectrum to broadcast code transmissions on numerous mobile communication frequencies. Net sales break down by activity as follows:
- sale of communication systems (83.8%): CDMA systems (integrated circuits, software and systems for wireless voice and data transmission, as well as multimedia functions), and wireless communication and Internet access systems (products intended for data transmission, satellite communications, decrypting activities, etc.);
- sale of licenses (16.2%): intended for manufacturers using CDMA technologies.
Net sales are distributed geographically as follows: the United States (3.3%), China and Hong Kong (63.6%), Vietnam (13.7%), South Korea (7.2%) and other (12.2%).
Qualcomm Incorporated Reports Earnings Results for the Fourth Quarter and Full Year Ended September 28, 2014; Provides Earnings Guidance for the First Quarter and Full Year of 2015