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CISCO SYSTEMS

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Cisco : Gives Lower-Than-Expected Forecast for Current Quarter

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08/14/2019 | 04:50pm EDT

By Maria Armental

Quarterly results at Cisco Systems Inc. beat Wall Street's revenue and adjusted profit projections, but the networking-equipment giant gave a disappointing forecast for the current quarter.

Shares fell 6.6% to $47.10 in after-hours trading.

Profit for the quarter ended July 27 fell 42% to $2.21 billion, or 51 cents a share. On an adjusted basis, profit rose to 83 cents a share from 70 cents a share a year earlier.

Revenue in the fiscal fourth quarter rose 4.6% to $13.43 billion.

Cisco had projected fourth-quarter profit of 66 cents to 71 cents a share, or 80 cents to 82 cents as adjusted, and a revenue increase of 4.5% to 6.5%.

Analysts surveyed by FactSet expected 71 cents a share, or 81 cents as adjusted, and $13.39 billion in revenue.

Gross profit margin improved to 63.9% from 61.7% a year earlier.

This quarter, Cisco anticipates 80 cents to 82 cents a share in adjusted profit with revenue flat to up 2% from the year earlier. That compares with analysts' projected 83 cents a share and $13.39 billion in revenue, which would be an implied 2.5% increase from last year's reported $13.07 billion.

Cisco is considered a proxy for high-tech hardware demand, and analysts have been watching how it is navigating a trade dispute between the U.S. and China.

Company officials have said Cisco, which outsources all of its manufacturing, has largely offset financial damage from tariffs by raising prices and moving contract manufacturing away from China.

Write to Maria Armental at maria.armental@wsj.com

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Financials (USD)
Sales 2020 52 987 M
EBIT 2020 17 205 M
Net income 2020 12 502 M
Finance 2020 10 923 M
Yield 2020 3,09%
P/E ratio 2020 15,6x
P/E ratio 2021 14,9x
EV / Sales2020 3,56x
EV / Sales2021 3,44x
Capitalization 200 B
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 55,31  $
Last Close Price 46,61  $
Spread / Highest target 39,5%
Spread / Average Target 18,7%
Spread / Lowest Target 0,84%
EPS Revisions
Managers
NameTitle
Charles H. Robbins Chairman & Chief Executive Officer
Tiang Yew Tan Senior Vice President-Operations & Digital
Kelly A. Kramer Chief Financial Officer & Executive Vice President
Guillermo Diaz Chief Information Officer & Senior Vice President
Roderick C. McGeary Independent Director
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