Cisco Systems beats by $0.02, reports revs in-line; raises quarterly dividend 75% to $0.14 (17.35 +0.18)
Reports Q4 (Jul) earnings of $0.47 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.45; revenues rose 4.4% year/year to $11.69 bln vs the $11.61 bln consensus. During Q4, Cisco repurchased 108 mln shares of common stock under the stock repurchase program at an average price of $16.62 per share for an aggregate purchase price of $1.8 bln. The remaining authorized amount for stock repurchases under this program is ~$5.9 bln with no termination date. Cash flows from operations were $3.1 bln for the fourth quarter of fiscal 2012, compared with $3.0 bln for the third quarter of fiscal 2012, and compared with $2.8 bln for the fourth quarter of fiscal 2011. Cash flows from operations were $11.5 bln for fiscal 2012, compared with $10.1 bln for fiscal 2011. Cash and cash equivalents and investments were $48.7 bln at the end of the fourth quarter of fiscal 2012, compared with $48.4 bln at the end of the third quarter of fiscal 2012, and compared with $44.6 bln at the end of 4Q11.
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Co raises its quarterly dividend 75% to $0.14 (yield 3.2% at closing price). “Cisco has the financial strength and flexibility to effectively invest in our business, pursue strategic opportunities, such as acquisitions, as well as return a minimum of 50% of our free cash flow annually through dividends and share repurchases to our shareholders.”
Sounds like the good old days of the late 1990’s. Back then CSCO would “beat” esitimates by 0.01 or 0.02 every quarter for about 4 years straight.
If’n they looked like they were going to miss, they would buy out another company to goose the numbers. GE is another one that loves to use that tactic.