Philips: pensano che sia un fuoco di paglia - gz
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By: GZ on Martedì 13 Luglio 2004 16:28
Esempio: Philips oggi annuncia utili di 616 million euro, 48 centesimi per azione nel trimestre, un aumento di 14 volte (!) dall'anno scorso quando erano 42 million euro.
Il titolo reagisce perdendo un poco perchè gli analisti dicono che comunque poi i risultati peggioreranno in futuro. Ok.
Ora costa 11 volte gli utili un record negativo come valutazione perchè per anni è costato sui 20 volte gli utili. I ricavi sono saliti dell'11% dall'anno scorso contrariamente a quello che pensavano gli analisti che li davano piatti.
Ha toccato i 25 euro a gennaio e poi lentamente è scivolato, la quotazione in borsa di Philips è sui 21 euro, sempre meglio del minimo a 12 euro del 2002, ma sotto i 56 euro dei massimi del 2000 e più o meno siamo ai livelli del 1998.
In pratica al momento se una società tecnologica aumenta gli utili e i ricavi non le danno credito e pensano che sia un fuoco di paglia
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Philips June quarter profits surge
LCD gain, chips division returns to profits
By Emily Church, CBS.MarketWatch.com July 13, 2004
LONDON - Philips Electronics, the largest electronics maker in Europe, Tuesday said profits grew 14 fold in the second quarter as semiconductor and consumer electronics sales recovered and on gains from its flat panel venture in South Korea.
Philips ( shares eased in Amsterdam, last down 0.4 percent, despite the better-than-expected profits as the quarter received a mixed review from analysts. Philips semiconductor business returned to profit as sales surged, but the company's medical devices business proved a disappointment, investors said.
"We're in a market environment where even the good numbers get punished, especially in the technology stocks with all the software drama we've had," said Lex Werkheim of Eureffect Stock Brokers in Amsterdam. Several American software developers in the last week have warned that sales in the quarter were slower than estimates.
Philips said net profit surged to 616 million euro, or 48 euro cents a share, up from 42 million euro or 3 cents a share in the second quarter of 2003. Profits were ahead of analyst estimates, ranging from 485 million to 580 million euro, according to AFX News.
Profits were bolstered by lower restructuring and pension costs as well as 251 million euro in income from its LCD venture LG Philips, which is widely to expected to sell shares in an initial public offering in New York and South Korea as soon as this week.
Overall, sales rose 11 percent to 7.3 billion euro ($9 billion). Comparable sales rose 14 percent, as semiconductor sales surged 28 percent.
Comparable sales in consumer electronics, its largest division, rose 18 percent, driven largely by connected displays and mobile infotainment.
Citing a "well-filled order book and a reduced cost structure," Philips said it's confident for earnings and sales growth in the second half of the year. For the group, full year sales are targeted to rise 7 percent to 8 percent, compared to 7 percent in the first half of the year, Chief Financial Officer Jan Hommen told reporters.
In semiconductors, Philips said its book-to-bill at the end of the quarter "remains strong at 1.13, despite a slight decrease from 1.25 at the end of the first quarter of 2004."
Philips expects revenue to rise in the division by a "low-single-digit' in the third quarter in U.S. dollar terms. It expects to take restructuring charges, likely in the fourth quarter, in connection with the reorganization of the Nijmegen plant in The Netherlands.
"The semiconductor outlook suggests some deceleration in the revenue momentum," Werkheim said. "LCD had very strong numbers, but everyone is worried that we're reached some sort of peaks in semis and flat panels."
In consumer electronics, Philips expects 30 million euro in restructuring charges in the third quarter, and 20 million euro in the fourth quarter.
In its medical systems, Philips expects the division is on track to reach 14 percent earnings before interest, taxes and amortization as a percentage of sales this year.
The company's guidance implies Medical margins remain on track, third quarter semi revenue number looks safe and third quarter semi margin estimates should have upside," Goldman Sachs told clients.
