Dell Reports Strong Profitability in Third Quarter

(1) Interest and other, net for the three months ended October 29, 2010 includes Dell’s receipt of a $72 million merger termination fee.

     
 
DELL INC.
Condensed Consolidated Statement of Income and Related Financial Highlights
(in millions, except per share data and percentages)
(unaudited)
 
Nine Months Ended % Growth Rates
October 28, October 29,
2011 2010 Yr. to Yr.
 
Net revenue
Products $ 36,981 $ 37,251 (1 %)
Services, including software related   9,059     8,551   6 %

Net revenue

  46,040     45,802   1 %
 
Cost of net revenue
Products 29,168 31,731 (8 %)
Services, including software related   6,446     5,966   8 %
Total cost of net revenue   35,614     37,697   (6 %)
 
Gross margin 10,426 8,105 29 %
 
Selling, general and administrative 6,306 5,325 18 %
Research, development and engineering   620     492   26 %
Total operating expenses   6,926     5,817   19 %
 
Operating income 3,500 2,288 53 %
 
Interest and other, net (1)   (167 )   (65 ) (157 %)
Income before income taxes 3,333 2,223 50 %
Income tax provision   605     515   17 %
Net income $ 2,728   $ 1,708   60 %
 
Earnings per share:
Basic $ 1.47   $ 0.88   67 %
Diluted $ 1.46   $ 0.87   68 %
 
Weighted average shares outstanding:
Basic 1,860 1,950 (5 %)
Diluted 1,874 1,961 (4 %)
 

Percentage of Total Net Revenue:

Gross margin 22.6 % 17.7 %
Selling, general and administrative 13.7 % 11.6 %
Research and development 1.3 % 1.1 %
Operating expenses 15.0 % 12.7 %
Operating income 7.6 % 5.0 %
Income before income taxes 7.2 % 4.9 %
Net income 5.9 % 3.7 %
Income tax rate 18.2 % 23.2 %
 

Net Revenue by Product Category:

Servers and Networking $ 6,116 $ 5,519 11 %
Storage 1,443 1,721 (16 %)
Services 6,143 5,730 7 %
Software and Peripherals 7,664 7,610 1 %
Mobility 14,227 14,121 1 %
Desktop PCs   10,447     11,101   (6 %)
Consolidated net revenue $ 46,040   $ 45,802   1 %
 

Percentage of Total Net Revenue:

Servers and Networking 13 % 12 %
Storage 3 % 4 %
Services 13 % 12 %
Software and Peripherals 17 % 17 %
Mobility 31 % 31 %
Desktop PCs 23 % 24 %
 

Net Revenue by Global Segment:

Large Enterprise $ 13,548 $ 13,121 3 %
Public 12,599 12,878 (2 %)
Small and Medium Business 11,189 10,724 4 %
Consumer   8,704     9,079   (4 %)
Consolidated net revenue $ 46,040   $ 45,802   1 %
 

Percentage of Total Net Revenue:

Large Enterprise 30 % 29 %
Public 27 % 28 %
Small and Medium Business 24 % 23 %
Consumer 19 % 20 %
 

Consolidated Operating Income:

Large Enterprise $ 1,393 $ 971
Public 1,317 1,118
Small and Medium Business 1,253 1,027
Consumer   285     (4 )
Segment operating income 4,248 3,112
Severance and facility actions (19 ) (112 )
Broad based long-term incentives (256 ) (249 )
Amortization of intangible assets (287 ) (264 )
Acquisition-related (186 ) (59 )
Other (2)   -     (140 )
Consolidated operating income $ 3,500   $ 2,288  
 
 
Note: Percentage growth rates and ratios are calculated based on underlying data in thousands.
 

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