Earnings Review and Free Research Report: Post Earnings Coverage as Apples Q3 EPS Surged 17% Y-o-Y; Outperformed Projections

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Accesswire 15-Aug-2017 7:30 AM
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Research Desk Line-up: Eastman Kodak Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 15, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Apple Inc. (NASDAQ: AAPL), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=AAPL, following the Company's announcement of its financial results on August 01, 2017, for the third quarter fiscal 2017 (Q3 FY17). The Cupertino, California-based Company's quarterly revenue grew 7% y-o-y and earnings per diluted share were up by17% y-o-y, beating market consensus estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Get more of our free earnings reports coverage from other constituents of the Electronic Equipment industry. Pro-TD has currently selected Eastman Kodak Company (NYSE: KODK) for due-diligence and potential coverage as the Company reported on August 09, 2017, its financial results for Q2 2017. Register for a free membership today, and be among the early birds that get access to our report on Eastman Kodak when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on AAPL; also brushing on KODK. With the links below you can directly download the report of your stock of interest free of charge at:
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Earnings Reviewed
In Q3 FY17, Apple reported total net sales of $45.41 billion compared to $42.36 billion recorded at the end of Q3 FY16. Net sales numbers for the reported quarter outperformed market expectations of $44.7 billion.
The iPhone maker reported net income of $8.72 billion, or $1.67 per diluted share, for Q3 FY17 versus $7.80 billion, or $1.42 per diluted share, in Q3 FY16. The Company's diluted earnings per share also outperformed market earnings estimates of $1.57 per diluted share.
Operating Metrics
For the three months ended on July 01, 2017, the Company posted gross margin of $17.49 billion, or 38.5% of net sales, compared to $16.11 billion, or 38.0% of net sales, in the prior year's same quarter. The Company's operating expenses increased during Q3 FY17 to $6.72 billion, or 15% of net sales, from $6.00 billion, or 14% of net sales, in the previous year's comparable quarter. Furthermore, the Company's operating income for Q3 FY17 came in at $10.77 billion versus $10.11 billion in Q3 FY16.
Segment Performance
During Q3 FY17, iPhone unit sales were 41.03 million, up from 40.40 million in Q3 FY16. The Company generated total revenues of $24.85 billion from iPhone sales in Q3 FY17, which came in above $24.05 billion reported in the year ago comparable quarter. Furthermore, iPhone sales contributed 55% to total revenue in Q3 FY17 compared to 57% in the Q3 FY16.
Apple sold 11.42 million units of iPad in Q3 FY17, up 15% y-o-y. Moreover, the segment's revenues improved 7% to $5.59 billion y-o-y in Q3 FY17. Mac unit sales improved 1% to 4.29 million y-o-y in Q3 FY17 from 4.25 million in Q3 FY16. Additionally, the segment's revenues grew 7% to $5.59 billion y-o-y in Q3 FY17.
In Q3 FY17, revenues from its Services segment surged 22% y-o-y to nearly $7.27 billion.
Geographical Contribution
In Q3 FY16, Apple registered sales growth in all the geographical segments except Greater China.
During Q3 FY17, Apple's sales in Americas, its largest market, generated revenues of approximately $20.38 billion, or 45% of net sales, compared to $17.96 billion, or 42% of net sales, in Q3 FY16.
Apple's revenues from the European region grew 11% y-o-y to $10.68 billion in Q3 FY17. The Company generated $3.62 billion of sales revenues from Japan in Q3 FY17, which was 3% above the $3.53 billion recorded in last year's corresponding quarter. Meanwhile, revenues from rest of Asia/Pacific region rose 15% to $2.73 billion in Q3 FY17 from $2.38 billion reported in Q3 FY16.
However, in the reported quarter, revenues from the Greater China region declined 10% y-o-y to $8.00 billion, primarily due to lower net sales of iPhone and weak foreign currency translation.
Cash Flow & Balance Sheet
For the nine months ended on July 01, 2017, Apple generated $47.94 billion in cash from operations compared to $49.70 billion at the end of quarter in the year ago same period. The Company had cash and cash equivalents balance of $18.57 billion as on July 01, 2017, compared to $20.48 billion at the close of books on September 24, 2016.
Dividend
In its earnings press release, Apple's Board of Directors declared a cash dividend of $0.63 per share of the Company's common stock. The dividend is payable on August 17, 2017, to shareholders of record as of the close of business on August 14, 2017.
Outlook
In its guidance for Q4 FY17, Apple expects revenue to be in the range of $49 billion and $52 billion. The Company anticipates gross margin for Q4 FY17 to be between 37.5% and 38.0%. Furthermore, Apple's management forecasts Q4 FY17 operating expenses to be between $6.7 billion and $6.8 billion.
Stock Performance

On Monday, August 14, 2017, the stock closed the trading session at $159.85, rising 1.50% from its previous closing price of $157.48. A total volume of 22.06 million shares have exchanged hands. Apple's stock price skyrocketed 2.67% in the last three months, 19.93% in the past six months, and 47.76% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have soared 38.02%. The stock is trading at a PE ratio of 18.18 and has a dividend yield of 1.58%. At Monday's closing price, the stock's net capitalization stands at $830.43 billion.

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