Intel Reports Second-Quarter Revenue of $13.5 Billion

SANTA CLARA, Calif. — (BUSINESS WIRE) — July 17, 2012 — Intel Corporation today reported quarterly revenue of $13.5 billion, operating income of $3.8 billion, net income of $2.8 billion and EPS of $0.54. The company generated approximately $4.7 billion in cash from operations, paid dividends of $1.1 billion and used $1.1 billion to repurchase stock.

“The second quarter was highlighted by solid execution with continued strength in the data center and multiple product introductions in Ultrabooks and smartphones,” said Paul Otellini, Intel president and CEO. “As we enter the third quarter, our growth will be slower than we anticipated due to a more challenging macroeconomic environment. With a rich mix of Ultrabook and Intel-based tablet and phone introductions in the second half, combined with the long-term investments we're making in our product and manufacturing areas, we are well positioned for this year and beyond.”

Business Outlook

Intel’s Business Outlook does not include the potential impact of any business combinations, asset acquisitions, divestitures or other investments that may be completed after July 17.

Q3 2012 (GAAP, unless otherwise stated)

  • Revenue: $14.3 billion, plus or minus $500 million.
  • Gross margin percentage: 63 percent and 64 percent Non-GAAP (excluding amortization of acquisition-related intangibles), both plus or minus a couple of percentage points.
  • R&D plus MG&A spending: approximately $4.6 billion.
  • Amortization of acquisition-related intangibles: approximately $80 million.
  • Impact of equity investments and interest and other: approximately zero.
  • Depreciation: approximately $1.6 billion.

Full-Year 2012 (GAAP, unless otherwise stated)

  • Revenue up between 3 percent and 5 percent year over year, down from the prior expectation for high single-digit growth.
  • Gross margin percentage: 64 percent and 65 percent Non-GAAP (excluding amortization of acquisition-related intangibles), both plus or minus a couple points.
  • Spending (R&D plus MG&A): $18.2 billion, plus or minus $200 million, down $100 million from prior expectations.
  • Amortization of acquisition-related intangibles: approximately $300 million, unchanged.
  • Depreciation: $6.3 billion, plus or minus $100 million, down $100 million from prior expectations.
  • Tax Rate: approximately 28 percent, unchanged.
  • Full-year capital spending: $12.5 billion, plus or minus $400 million, unchanged.

For additional information regarding Intel’s results and Business Outlook, please see the CFO commentary at: www.intc.com/results.cfm.

Status of Business Outlook

Intel’s Business Outlook is posted on intc.com and may be reiterated in public or private meetings with investors and others. The Business Outlook will be effective through the close of business Sept. 14 unless earlier updated; except that the Business Outlook for amortization of acquisition-related intangibles, impact of equity investments and interest and other, and tax rate, will be effective only through the close of business on July 24. Intel’s Quiet Period will start from the close of business on Sept. 14 until publication of the company’s third-quarter earnings release, scheduled for Oct. 16. During the Quiet Period, all of the Business Outlook and other forward-looking statements disclosed in the company’s news releases and filings with the SEC should be considered as historical, speaking as of prior to the Quiet Period only and not subject to an update by the company.

GAAP Financial Comparison
Quarterly
      Q2 2012     Q1 2012     vs. Q1 2012
Revenue     $13.5 billion     $12.9 billion     up 5%
Gross Margin     63.4%     64.0%     down 0.7 pts.
Operating Income     $3.8 billion     $3.8 billion     up 1%
Net Income     $2.8 billion     $2.7 billion     up 3%
Earnings Per Share     54 cents     53 cents     up 2%
Non-GAAP Financial Comparison
Quarterly
  Q2 2012 Q1 2012 vs. Q1 2012
Gross Margin 64.4% 65.1% down 0.7 pts.
Operating Income $4.1 billion $4.0 billion up 1%
Net Income $3.0 billion $2.9 billion up 3%
Earnings Per Share 57 cents 56 cents up 2%

Non-GAAP results exclude the amortization of acquisition-related
intangible assets and the related income tax effect of these charges.


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