PALM doubles their earnings estimates. . .with sharp increase in revenues $401 vs 390 mil estimates!
Monday September 25, 4:31 pm Eastern Time
Palm 1st-qtr results top forecasts as sales more than double
PALO ALTO, Calif., Sept 25 (Reuters) - Palm Inc. (NasdaqNM:PALM - news), the No. 1 maker of hand-held electronic organisers, on Monday reported fiscal first-quarter operating results that topped analyst forecasts as sales more than doubled.
The Santa Clara, Calif.-based company, which was recently spun off from 3Com Corp (NasdaqNM:COMS - news)., said that for the period ended Sept 1, operating profit rose to $23.9 million, or 4 cents a share, up from $10.0 million, or 2 cents, a year ago. Sales rose to $401.0 million from $176.5 million.
On that basis, the results topped profit forecasts of 2 cents a share, according to First Call/Thomson Financial.
It was the third consecutive quarter in which sales doubled from a year ago and sales continue to be strong, with Palm adding that it shipped about 1.5 million Palm devices in the quarter, bringing to more than 8.7 million total Palms sold.
Including amortized goodwill and intangible assets, purchase in-process technology and separation costs, Palm had net income of $17.3 million, or 3 cents a share, up from $9.7 million, or 2 cents, a year ago. |
