Intel Reports Fourth-Quarter and Full-Year 2019 Financial Results

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Overig advies 24/01/2020 07:02
News Summary:
• Record Fourth-quarter revenue was $20.2 billion, up 8 percent year-over-year (YoY). Full-year revenue set an all-time record of $72.0 billion, up 2 percent YoY on data-centric growth*.
• Delivered outstanding fourth-quarter earnings per share (EPS) of $1.58 ($1.52 on a non-GAAP basis).
• In 2019, Intel generated a record $33.1 billion cash from operations and $16.9 billion of free cash flow, and returned approximately $19.2 billion to shareholders.
• Expecting record 2020 revenue of approximately $73.5 billion and first-quarter revenue of approximately $19.0 billion.
SANTA CLARA, Calif., January 23, 2020 -- Intel Corporation today reported fourth-quarter and full-year 2019 financial results. The company also announced that its board of directors approved a five percent cash dividend increase to $1.32 per share on an annual basis. The board declared a quarterly dividend of $0.33 per share on the company’s common stock, which will be payable on March 1 to shareholders of record on February 7.
“In 2019, we gained share in an expanded addressable market that demands more performance to process, move and store data,” said Bob Swan, Intel CEO. “One year into our long-term financial plan, we have outperformed our revenue and EPS expectations. Looking ahead, we are investing to win the technology inflections of the future, play a bigger role in the success of our customers and increase shareholder returns."
Q4 2019 Financial Highlights
GAAP Non-GAAP
Q4 2019 Q4 2018 vs. Q4 2018 Q4 2019 Q4 2018 vs. Q4 2018
Revenue ($B) $20.2 $18.7 up 8% $20.2^ $18.7^ up 8%
Gross Margin 58.8% 60.2% down 1.4 pts 60.1% 61.7% down 1.6 pts
R&D and MG&A ($B) $4.9 $5.0 down 1% $4.9^ $5.0^ down 1%
Operating Income ($B) $6.8 $6.2 up 9% $7.2 $6.6 up 10%
Tax Rate 14.4% 7.8% up 6.6 pts 13.6% 8.8% up 4.8 pts
Net Income ($B) $6.9 $5.2 up 33% $6.7 $5.9 up 13%
Earnings Per Share $1.58 $1.12 up 40% $1.52 $1.28 up 19%
In the fourth quarter, the company generated approximately $9.9 billion in cash from operations, paid dividends of $1.4 billion and used $3.5 billion to repurchase 63 million shares of stock.

Full-Year 2019 Financial Highlights
Intel achieved record revenue while investing $13.4 billion in research and development and reducing spending to
27 percent of total revenue.
GAAP Non-GAAP
2019 2018 vs. 2018 2019 2018 vs. 2018
Revenue ($B) $72.0 $70.8 up 2% $72.0^ $70.8^ up 2%
Gross Margin 58.6% 61.7% down 3.2 pts 60.1% 63.3% down 3.2 pts
R&D and MG&A ($B) $19.5 $20.3 down 4% $19.5^ $20.3^ down 4%
Operating Income ($B) $22.0 $23.3 down 5% $23.8 $24.5 down 3%
Tax Rate 12.5% 9.7% up 2.8 pts 12.2% 11.0% up 1.2 pts
Net Income ($B) $21.0 $21.1 flat $21.8 $21.5 up 1%
Earnings Per Share $4.71 $4.48 up 5% $4.87 $4.58 up 6%
For the full year, the company generated a record $33.1 billion cash from operations, paid dividends of $5.6 billion and used $13.6 billion to repurchase 272 million shares of stock.

Business Unit Summary
Key Business Unit Revenue and Trends
Q4 2019 vs. Q4 2018 2019 vs. 2018
Data-centric
DCG $7.2 billion up 19% $23.5 billion up 2%
Internet of Things
IOTG $920 million up 13% $3.8 billion up 11%
Mobileye $240 million up 31% $879 million up 26%
NSG $1.2 billion up 10% $4.4 billion up 1%
PSG $505 million down 17% $2.0 billion down 6%
up 15%* up 3%*
PC-centric CCG $10.0 billion up 2% $37.1 billion flat
Fourth-quarter revenue set an all-time quarterly record of $20.2 billion, which was $1 billion higher than October guidance led by record data-centric revenue, up 15 percent YoY. PC-centric revenue was up 2 percent YoY.
Intel's collection of data-centric businesses achieved record revenue in the fourth quarter, led by record Data Center
Group (DCG) revenue. DCG revenue grew 19 percent YoY in the fourth quarter, driven by robust demand from cloud service provider customers and a continued strong mix of high-performance 2nd-Generation Intel® Xeon® Scalable processors. Intel acquired Habana Labs in the fourth quarter, strengthening its artificial intelligence portfolio for the data center. Internet of Things Group (IOTG) revenue was up 13 percent on strength in retail and transportation. Mobileye achieved record revenue, up 31 percent YoY on increasing ADAS adoption. Intel's memory business (NSG) was up 10 percent YoY on continued NAND and Intel® Optane™ bit growth. PSG fourth-quarter revenue was down 17 percent YoY.
In the fourth quarter, the PC-centric business (CCG) was up 2 percent on higher modem sales and desktop platform volumes. Major PC manufacturers have introduced 44 systems featuring the new, 10nm-based 10th Gen Intel® Core™ processors (previously referred to as "Ice Lake"), and momentum continues to build for Project Athena.
Project Athena-verified devices have been tuned, tested and verified to deliver fantastic system-level innovation and benefits spanning battery life, consistent responsiveness, instant wake, application compatibility and more. Intel has verified 26 Project Athena designs to date.
Additional information regarding Intel’s results can be found in the Q4'19 Earnings Presentation available at:
www.intc.com/results.cfm

Business Outlook
Intel's guidance for the first-quarter and full-year 2020 includes both GAAP and non-GAAP estimates.
Reconciliations between these GAAP and non-GAAP financial measures are included below.
Q1 2020 GAAP Non-GAAP
Approximately Approximately
Revenue $19.0 billion $19.0 billion^
Operating margin 33% 35%
Tax rate 13% 13%^
Earnings per share $1.23 $1.30
Full-Year 2020 GAAP Non-GAAP
Approximately Approximately
Revenue $73.5 billion $73.5 billion^
Operating margin 31% 33%
Tax rate 13% 13%^
Earnings per share $4.71 $5.00
Cash from operations $33.5 billion N/A
Full-year capital spending $17.0 billion $17.0 billion^
Free cash flow N/A $16.5 billion

Intel's Business Outlook does not include the potential impact of any business combinations, asset acquisitions, divestitures, strategic investments and other significant transactions that may be completed after January 23, 2020.
Actual results may differ materially from Intel’s Business Outlook as a result of, among other things, the factors described under “Forward-Looking Statements” below.

Earnings Webcast
Intel will hold a public webcast at 2:00 p.m. PDT today to discuss the results for its fourth quarter of 2019. The live
public webcast can be accessed on Intel's Investor Relations website at www.intc.com/results.cfm. The Q4'19 Earnings Presentation, webcast replay, and audio download will also be available on the site.
Intel plans to report its earnings for the first quarter of 2020 on April 23, 2020 promptly after close of market, and
related materials will be available at www.intc.com/results.cfm. A public webcast of Intel’s earnings conference call
will follow at 2:00 p.m. PDT at www.intc.com



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