Chipmaking giant Broadcom Inc. (AVGO) announced its first-quarter 2019 earnings on March 14, after the closing bell.
In the three-month period, revenue grew 9% to $5.79 billion, surpassing market view. Attributable net income shrunk about 92% to hit $471 million.
For the quarter, GAAP earnings slipped 92% to $1.12 per diluted share, while adjusted earnings grew 8% to $5.55 per diluted share.
According to Zacks Research, the Street was looking at $5.22 per share in earnings in revenue of $5.74 billion for the semiconductor mammoth.
“We generated over $2 billion in free cash flow in the quarter, which represented 39% growth on a year on year basis,” said Broadcom CFO Tom Krause.
“Consistent with our capital return plan, we returned $4.6 billion to stockholders in the quarter including $1.1 billion of cash dividends and $3.5 billion of share repurchases and eliminations,” added Krause.
For the fiscal year 2019, Broadcom now expects net revenue to be about $24.5 billion, with a GAAP operating margin of 17.6% and a non-GAAP margin of 51%.
Net interest expenses and others are touted to be $1.25 billion in the year, with 3% provision for income taxes on a GAAP basis and 1% on an adjusted basis.
Capital expenditures for the fiscal year are expected to amount to $550 million. For FY2019, depreciation is estimated to hit $600 million and total intangible amortization is touted to be about $5.24 billion.
BROADCOM ANNOUNCES DIVIDEND
On Thursday, Broadcom also announced that its board approved a quarterly dividend of $2.65 per share, in cash.
The dividend would be payable on Mar. 29, 2019, to shareholders of record at the close of business on Mar. 21, 2019.
Tyson Foods Inc. (NYSE: TSN) reported first quarter 2023 earnings results today. Sales rose 2.5% year-over-year to $13.2 billion. Net income attributable to Tyson was $316 million, or $0.88 per
Apple Inc. (NASDAQ: AAPL) this week reported its first revenue decline in more than three years, even as the high inflation continues to squeeze customers’ spending power. Sales of the
Chipmaker Qualcomm, Inc. (NASDAQ: QCOM) has reported lower earnings and revenues for the first quarter of 2023. The company also provided guidance for the second quarter of 2023. At $9.5