Intel Q1 earnings get surprise tax boost
Wednesday May 11, 1:38 pm ET
SAN FRANCISCO (Reuters) - Intel Corp. (NasdaqNM:INTC - News) reduced its tax bill by $24 million in the first quarter, boosting net income by a penny per share above the level it reported on April 19, the world's largest chip maker said on Wednesday.
"Subsequent to our earnings release on April 19, 2005, we recorded a tax adjustment that reduced the tax provision by $24 million," the company said in a quarterly filing with U.S. securities regulators. "As a result of this adjustment, diluted earnings per common share rounded to $0.35." Intel had originally reported earnings of 34 cents per share, up from the year-earlier 26 cents per share.
Also in the filing, Intel for the first time reported results for the new business units created in a corporate reorganization in January.
The company's digital enterprise group, which includes chips and related parts for desktop and server computers, reported first-quarter operating income of $2.36 billion, down from $2.45 billion in the same period last year.
The mobility group, which includes chips for notebook computers and cellular phones, reported a $1.10 billion operating income, more than double the $405 million from a year earlier.
A third group that includes all other business, including the company's early initiatives in healthcare and digital home entertainment, had an operating loss of $432 million, wider than a loss of $377 million in the same period last year.
Previously, the company had two groups: a profitable computer chip business and a money-losing communications group. |
