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Intel Reports Third Quarter 2013 Results

Intel

Intel reported third-quarter revenue of $13.5 billion on Tuesday, with operating income of $3.5 billion, net income of $3 billion, and earnings-per-share (EPS) of 58 cents. The company generated approximately $5.7 billion in cash from operations, paid dividends of $1.1 billion, and used $536 million to repurchase 24 million shares of stock.

Brian Krzanich (CEO, Intel): The third quarter came in as expected, with modest growth in a tough environment. Since August we have introduced more than 40 new products for market segments from the Internet-of-Things to datacenters, with an increasing focus on ultra-mobile devices and 2 in 1 systems.

Q3 Key Financial Information and Business Unit Trends

  • PC Client Group revenue of $8.4 billion, up 3.5 percent sequentially and down 3.5 percent year-over-year.
  • Data Center Group revenue of $2.9 billion, up 6.2 percent sequentially and up 12.2 percent year-over-year.
  • Other Intel architecture operating segments revenue of $1.1 billion, up 13.3 percent sequentially and down 9.3 percent year-over-year.
  • Gross margin of 62.4 percent, 1.4 percentage points above the midpoint of the company’s prior expectation of 61 percent.
  • R&D plus MG&A spending of $4.7 billion, slightly below the company’s prior expectation of approximately $4.8 billion.
  • Tax rate of 25 percent versus the company’s prior expectation of 26 percent.

Business Outlook – Q4 2013

  • Revenue: $13.7 billion, plus or minus $500 million.
  • Gross margin percentage: 61 percent, plus or minus a couple of percentage points.
  • R&D plus MG&A spending: approximately $4.7 billion.
  • Amortization of acquisition-related intangibles: approximately $70 million.
  • Impact of equity investments and interest and other: approximately zero.
  • Depreciation: approximately $1.7 billion.
  • Restructuring and asset impairment charges: approximately $100 million.
  • Tax rate: approximately 25 percent.
  • Full-year capital spending: $10.8 billion, plus or minus $300 million.

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