By
Anders Bylund
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More Articles
January 23, 2008
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On Jan. 22, ubiquitous gadget guru Apple (Nasdaq: AAPL ) released first-quarter 2008 earnings for the period ended Dec. 29, 2007.
- The iPod/iTunes gravy train rolls on, right alongside iPhones, iMacs, iToasters, and iSinks. OK, not the last two, but you get the picture.
- Apple doesn't much like to repurchase stock; it hasn't paid a dividend since 1996, when the iPod was but a glimmer in Steve Jobs' spectacled eye; and it spent just $455 million on acquisitions in the last 20 years. What are you hoarding all that cash for, Steve?
- Then again, this company is less recession-proof than some others I can think of. Forty-four percent of Apple's revenue comes from the Americas alone. A debt-free, $18 billion bankroll should get Cupertino through plenty of bad times.
(Figures in millions, except per-share data)
Income Statement Highlights
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Q1 2008
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Q1 2007
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Change
|
|
Sales
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$9,608
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$7,115
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35.0%
|
|
Net Profit
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$1,581
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$1,004
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57.5%
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EPS
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$1.76
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$1.14
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54.4%
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|
Diluted Shares
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900.1
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883.3
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1.9%
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Get back to basics with the income statement.
Margin Checkup
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Q1 2008
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Q1 2007
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Change*
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Gross
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34.7%
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31.2%
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3.5
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Operating
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22.1%
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18.6%
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3.5
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Net
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16.5%
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14.1%
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2.4
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*Expressed in percentage points.
Margins are the earnings engine.
Balance Sheet Highlights
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Assets
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Q1 2008
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Q1 2007
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Change
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Cash + ST Invest.
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$18,448
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$11,869
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55.4%
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Accounts Rec.
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$1,939
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$1,621
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19.6%
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Inventory
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$459
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$303
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51.5%
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Liabilities
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Q1 2008
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Q1 2007
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Change
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Accounts Payable
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$5,366
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$3,885
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38.1%
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Long-Term Debt
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$0
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$0
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N/A
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The balance sheet reflects the company's health.
Cash Flow Highlights
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Q1 2008
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Q1 2007
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Change
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|
Cash From Ops.
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$2,787
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$1,813
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53.7%
|
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Capital Expenditures
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$224
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$142
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57.7%
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Free Cash Flow
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$2,563
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$1,671
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53.4%
|
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Owner Earnings
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$1,463
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$936
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56.3%
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Free cash flow is a Fool's best friend.
Competitive Context
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Market Cap
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Trailing P/E Ratio
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CAPS Rating
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Apple
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$120,680
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34.9
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***
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Research In Motion (Nasdaq: RIMM )
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$47,560
|
45.3
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**
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|
Dell (Nasdaq: DELL )
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$43,920
|
14.8
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**
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Adobe Systems (Nasdaq: ADBE )
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$19,120
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27.5
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****
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Netflix (Nasdaq: NFLX )
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$1,490
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24.0
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**
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Using the latest reported numbers from Capital IQ. Keep your partners close and the competition in your vest pocket.
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