|Feb 9, 2012, 09:39 AM||#1|
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Lenovo Reports Third Quarter 2011/2012 Results
Lenovo Group reported results for its third fiscal quarter ended December 31, 2011, highlighted by record highs in quarterly sales, pre-tax income and market share, and the 11th quarter in a row that Lenovo has grown faster than the industry as a whole. For the ninth quarter in a row, the Company grew faster than any of the top four PC manufacturers, a result of Lenovo’s continued focus on balanced growth across all geographies, customer segments and product lines. During the third quarter, Lenovo recorded its highest-ever worldwide market share of 14.0* percent, and its highest-ever market share in China of 35.3 percent, an increase of 3.7 and 3.1 share points year-over-year respectively.
During the third fiscal quarter Lenovo’s pre-tax income increased 59 percent year-over-year, to a record high of US$192 million.
The Company’s gross profit for the third quarter grew 47 percent year-over-year, to US$954 million, with gross margin at 11.4 percent. Operating profit for the third quarter was US$193 million, while profit attributable to equity holders grew 54 percent year-over-year to US$153 million.
Based upon the Company’s strong execution of its “Protect and Attack” strategy, Lenovo achieved record sales of US$8.4 billion during the third fiscal quarter, an increase of 44 percent year-over-year. While the worldwide PC industry as a whole struggled to remain flat year-over-year, Lenovo’s PC shipments increased an impressive 37 percent, outpacing the industry growth/decline in China, Emerging Markets and Mature Markets alike.
Basic earnings per share for the third fiscal quarter was 1.50 US cents, or 11.67 HK cents. Net cash reserves as of December 31, 2011, totaled US$3.9 billion.
Last month Lenovo participated at the Consumer Electronics Show (CES) in Las Vegas, ignited by a press conference where the Company introduced for the first time to a worldwide audience such innovative new products as the IdeaPad Yoga, a tablet/ultrabook hybrid; the IdeaCentre A720, the world’s slimmest 27-inch, all-in-one PC; the K91 smart TV, and the Company’s vision for the Personal Cloud. Lenovo’s product showcase was busy day and night with media, business partners and customers, and the Company took home a total of 23 industry awards.
"Despite the worldwide hard drive shortage in the past quarter, Lenovo continued to achieve strong growth with record results in market share and revenue, as well as record high in PTI (pre-tax income) of US$192 million. For the first time, Lenovo became the number one vendor globally in commercial PCs and in consumer desktop," said Yang Yuanqing, Lenovo Chairman and CEO. "We saw strong progress in our Mobile Internet business. During the quarter, Lenovo sold more than 6.5 million phones, and almost half were smartphones. Lenovo's smartphone market share in China reached double-digit market share in December. We also see strong momentum in our tablet business. All these successes demonstrate that Lenovo has built a strong foundation for the next steps beyond traditional PCs."
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