Lenovo Reports Impressive Fiscal Q1 Financials, Increased PC Shipments
August 16, 2012 11:11 AM
Lenovo had a great quarter, ranked as #2 PC maker
The Lenovo Group reports that its fiscal year ending June 30, 2012 brought with it a record market share for the company at 15%.
Lenovo’s net income increased by 30% year-over-year to $141 million. The company is now the world's second-largest PC maker and it’s impressive to see Lenovo grow so significantly during the quarter despite the fact that overall PC shipments are down early 2% compared to last year.
Lenovo was able to increase its computer shipments for its fiscal Q1 by 24.4% compared to the same quarter last year. This marks the 13th quarter in a row that Lenovo has been able to outpace the overall computer industry. The end of fiscal Q1 also marks the 11th quarter in a row that Lenovo has grown faster than any other computer maker in the top four.
Lenovo reports balanced growth across all countries in customer segments as well is all of its product lines. The company reports increased gross profit margin for fiscal Q1 of 30% year-over-year. Lenovo group's operating profit rose 48% compared to the same quarter of 2011. Basic earnings per share for Lenovo during the quarter were $1.37 with net cash reserves at the end of the quarter totaling $3.7 billion.
"Although the economic environment is somewhat similar to the 2008-2009 downturn, Lenovo’s results are much stronger because we have the right strategy and great execution,” said Yang Yuanqing, Lenovo Chairman and CEO.
“Our businesses in emerging markets outside of China, our consumer business and MIDH business all achieved rapid expansion, providing the balanced pillars to support our overall performance. Our business in China and our global commercial business maintained strong profitability, which allows us to secure plenty of resources to invest in growth areas and ensure the company’s overall healthy performance. Although we're in a challenging environment, we are confident that by continuing to execute our Protect and Attack strategy, Lenovo can achieve sustainable growth and healthy returns in the PC+ era."
Lenovo's CEO recently made headlines when he
shared his massive bonus
"A politician stumbles over himself... Then they pick it out. They edit it. He runs the clip, and then he makes a funny face, and the whole audience has a Pavlovian response." -- Joe Scarborough on John Stewart over Jim Cramer
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