Dell Reports Fourth Quarter, Full Fiscal Year Financial Results

  • Revenue of $14.3 billion in fourth quarter, $56.9 billion for the year
  • GAAP earnings of $0.30 per share in quarter, $1.35 per share for full year; non-GAAP earnings of $0.40 per share in quarter and $1.72 per share for full year
  • Cash flow from operations of $1.4 billion; $3.3 billion for fiscal year

ROUND ROCK, Texas — (BUSINESS WIRE) — February 19, 2013 — Dell announced fiscal 2013 fourth quarter and full-year results today, with revenue of $14.3 billion for the quarter and $56.9 billion for the year. Revenue from enterprise solutions and services grew 6 percent in the quarter to $5.2 billion and was $19.4 billion, or 34 percent of Dell revenue for the fiscal year, a 4 percent gain over fiscal year 2012.

“We continued to execute our long-term strategy in Q4, and realized a 6 percent increase in our enterprise solutions and services business,” said Brian Gladden, Dell CFO. “We also continued to generate strong cash flow from operations of $1.4 billion in the quarter. Our strong balance sheet and cash position enabled the company to invest almost $5 billion in new capabilities and intellectual property this fiscal year, including great assets like Quest, SonicWall, Wyse and AppAssure.”

Results

  • Revenue in the quarter was $14.3 billion, an 11 percent decrease from the previous year, and a 4 percent increase sequentially. Revenue for the 2013 fiscal year was $56.9 billion, an 8 percent decrease. Dell’s fiscal year 2012 had an extra week, which was incorporated into the company’s Q4 results.
  • GAAP operating income for the quarter was $698 million, or 4.9 percent of revenue. Non-GAAP operating income was $954 million, or 6.7 percent of revenue. Gross margins for the quarter benefitted by approximately $250 million, primarily resulting from vendor settlements. For the fiscal year, GAAP operating income was $3 billion and non-GAAP operating income was $4 billion.
  • GAAP earnings per share in the quarter was 30 cents, down 30 percent from the previous year; non-GAAP EPS was 40 cents, down 22 percent. For the fiscal year, GAAP EPS was $1.35, down 28 percent year over year and non-GAAP EPS was $1.72, down 19 percent.
  • Cash flow from operations in the quarter was $1.4 billion, and Dell ended Q4 with $15.3 billion in cash and investments. Full-year cash flow from operations was $3.3 billion.

Fiscal-Year 2013 Fourth Quarter and Full Year Highlights

 

Fourth Quarter

 

Fiscal Year

(in millions)

FY13

 

FY12

Change

FY13

 

FY12

 

Change

Revenue $ 14,314   $ 16,031 (11 %) $ 56,940   $ 62,071   (8 %)
 
Operating Income (GAAP) $ 698 $ 931 (25 %) $ 3,012 $ 4,431 (32 %)
Net Income (GAAP) $ 530 $ 764 (31 %) $ 2,372 $ 3,492 (32 %)
EPS (GAAP) $ 0.30 $ 0.43 (30 %) $ 1.35 $ 1.88 (28 %)
 
Operating Income (non-GAAP) $ 954 $ 1,143 (17 %) $ 3,973 $ 5,135 (23 %)
Net Income (non-GAAP) $ 702 $ 913 (23 %) $ 3,017 $ 3,952 (24 %)
EPS (non-GAAP) $ 0.40 $ 0.51 (22 %) $ 1.72 $ 2.13 (19 %)
 

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