ML:AMD Income Statement Summary. Anyone cares to dissect Q3 earning ?
Excerpts fr ML 8/17/00. Anyone cares to dissect Q3 earning estimated by ML ?
Remember that analysts normally lowball their prediction
so that co. can beat it. I noticed that the Q3E rev
is $1,239.8 M which might be at the low end as
flash rev might increase by 12% seq. Also, the ASP for
CPG might be $100 as more Athlons are sold than Duron.
Fab utilization is pretty high translating into lower
cost and depreciation. Expenses is also kept well
in check as well.
Table 1: AMD Income Statement Summary
($mill/%) Q199 Q299 Q399 Q499 Q100 Q200 Q300E Q400E FY99 FY00E FY01E
Revenues 631.6 595.1 662.2 968.7 1,092.0 1,170.4 1,239.8 1,448.0 2,857.6 4,950.3 6,102.6
Cost of Sales 450.4 458.3 474.1 581.5 605.8 612.6 657.3 752.6 1,964.4 2,628.2 3,319.6
Gross Profit 181.2 136.8 188.1 387.2 486.3 557.9 582.5 695.4 893.2 2,322.0 2,783.0
Operating Expenses 287.3 291.8 287.1 315.4 305.6 307.7 316.2 354.8 1,214.1 1,284.3 1,403.6
R&D 159.9 167.3 157.6 150.9 161.3 155.7 161.2 181.0 635.8 659.1 671.3
SG&A 127.3 124.5 129.4 164.5 144.3 152.0 155.0 173.8 578.3 625.1 732.3
Op Income -106.1 -155.0 -99.0 71.7 180.7 250.2 266.3 340.6 -320.9 1,037.8 1,379.4
Non-op Inc (Exp) -10.0 -10.8 -11.3 -5.4 9.6 8.7 0.0 0.0 394.5 18.4 0.0
Pretax Income -116.1 -165.9 -110.3 66.3 190.3 258.9 266.3 340.6 73.6 1,056.1 1,379.4
Provision for Taxes 0.0 0.0 0.0 0.0 0.0 51.8 53.3 68.1 167.4 173.2 427.6
Effective Tax Rate 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net Inc bef JV Equity -116.1 -165.9 -110.3 66.3 190.3 207.1 213.0 272.5 -93.7 882.9 951.8
JV Equity Income -2.7 4.0 4.7 -1.2 -1.0 0.0 1.0 1.0 4.8 1.1 1.0
Net Income -118.8 -161.8 -105.5 65.1 189.3 207.1 214.0 273.5 -88.9 884.0 952.8
Earnings per Share (0.81) (1.10) (0.72) 0.43 1.15 1.21 1.23 1.54 (2.21) 5.13 5.25
Shares Outstanding 145.9 146.9 147.4 152.8 171.9 176.2 179.2 181.0 147.1 177.1 183.0
% of Revenues
Cost of Sales 83.1% 77.0% 71.6% 60.0% 55.5% 52.3% 53.0% 52.0% 68.7% 53.1% 54.4%
Gross Profit 28.7% 23.0% 28.4% 40.0% 44.5% 47.7% 47.0% 48.0% 31.3% 46.9% 45.6%
Operating Expenses 45.5% 49.0% 43.4% 32.6% 28.0% 26.3% 25.5% 24.5% 42.5% 25.9% 23.0%
R&D 25.3% 28.1% 23.8% 15.6% 14.8% 13.3% 13.0% 12.5% 22.2% 13.3% 11.0%
SG&A 20.2% 20.9% 19.5% 17.0% 13.2% 13.0% 12.5% 12.0% 20.2% 12.6% 12.0%
Op Income -16.8% -26.1% -14.9% 7.4% 16.5% 21.4% 21.5% 23.5% -11.2% 21.0% 22.6%
Non-op Inc (Exp)
Pretax Income -18.4% -27.9% -16.7% 6.8% 17.4% 22.1% 21.5% 23.5% 2.6% 21.3% 22.6%
Net Inc bef JV Equity -18.4% -27.9% -16.7% 6.8% 17.4% 17.7% -3.3% 18.8% -3.3% 17.8% 15.6%
YoY Change
Revenue 16.8% 13.0% -3.5% 22.8% 72.9% 96.7% 87.2% 49.5% 12.4% 73.2% 23.3%
Gross Profit 54.5% 0.3% -28.5% 26.2% 168.4% 307.9% 209.7% 79.6% 8.5% 160.0% 19.9%
Pretax Income NM NM NM NM NM NM NM NM NM NM 30.6%
Net Income NM NM NM NM NM NM NM NM NM NM 7.8%
Source: Merrill Lynch Estimate |
