SANTA CLARA, Calif. — (BUSINESS WIRE) — April 17, 2012 — Intel Corporation today reported quarterly revenue of $12.9 billion, operating income of $3.8 billion, net income of $2.7 billion and EPS of $0.53. The company generated approximately $3.0 billion in cash from operations, paid dividends of $1.0 billion and used $1.5 billion to repurchase stock.
“The first quarter was a solid start to what’s expected to be another growth year for Intel,” said Paul Otellini, Intel president and CEO. “In the second quarter we’ll see the first Intel-based smartphones in the market, ship products based on 22nm tri-gate technology in high volume, and accelerate the ramp of our best server product ever, providing a tremendous foundation for growth in 2012 and beyond.”
Business Outlook
Intel’s Business Outlook does not include the potential impact of any mergers, acquisitions, divestitures or other business combinations that may be completed after April 17.
Q2 2012 (GAAP, unless otherwise stated)
- Revenue: $13.6 billion, plus or minus $500 million.
- Gross margin percentage: 62 percent and 63 percent Non-GAAP (excluding amortization of acquisition-related intangibles), both plus or minus a couple of percentage points.
- R&D plus MG&A spending: approximately $4.6 billion.
- Amortization of acquisition-related intangibles: approximately $80 million.
- Impact of equity investments and interest and other: loss of approximately $20 million.
- Depreciation: approximately $1.6 billion.
Full-Year 2012 (GAAP, unless otherwise stated)
- Gross margin percentage: 64 percent and 65 percent Non-GAAP (excluding amortization of acquisition-related intangibles), both plus or minus a few percentage points, unchanged.
- Spending (R&D plus MG&A): $18.3 billion, plus or minus $200 million, unchanged.
- Amortization of acquisition-related intangibles: approximately $300 million, unchanged.
- Depreciation: $6.4 billion, plus or minus $100 million, down $100 million from prior expectations.
- Tax Rate: approximately 28 percent down from prior expectations of 29 percent.
- Full-year capital spending: $12.5 billion, plus or minus $400 million, unchanged.
For additional information regarding Intel’s results and Business Outlook, please see the CFO commentary at: www.intc.com/results.cfm.
Status of Business Outlook
Intel’s Business Outlook is posted on intc.com and may be reiterated in public or private meetings with investors and others. The Business Outlook will be effective through the close of business June 15 unless earlier updated; except that the Business Outlook for amortization of acquisition-related intangibles, impact of equity investments and interest and other, and tax rate, will be effective only through the close of business on April 24. Intel’s Quiet Period will start from the close of business on June 15 until publication of the company’s second-quarter earnings release, scheduled for July 17. During the Quiet Period, all of the Business Outlook and other forward-looking statements disclosed in the company’s news releases and filings with the SEC should be considered as historical, speaking as of prior to the Quiet Period only and not subject to an update by the company.
| GAAP Financial Comparison | |||||||||
| Quarterly | |||||||||
| Q1 2012 | Q4 2011 | vs. Q4 2011 | |||||||
| Revenue | $12.9 billion | $13.9 billion | down 7% | ||||||
| Gross Margin | 64.0% | 64.5% | down 0.5 pts. | ||||||
| Operating Income | $3.8 billion | $4.6 billion | down 17% | ||||||
| Net Income | $2.7 billion | $3.4 billion | down 19% | ||||||
| Earnings Per Share | 53 cents | 64 cents | down 17% | ||||||
| Non-GAAP Financial Comparison | |||||||||
| Quarterly | |||||||||
| Q1 2012 | Q4 2011 | vs. Q4 2011 | |||||||
| Gross Margin | 65.1% | 65.4% | down 0.3 pts. | ||||||
| Operating Income | $4.0 billion | $4.8 billion | down 16% | ||||||
| Net Income | $2.9 billion | $3.5 billion | down 18% | ||||||
| Earnings Per Share | 56 cents | 67 cents | down 16% | ||||||
|
Non-GAAP results exclude the amortization of acquisition-related
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