Dell Reports Strong Second Quarter Financial Results Driven by Enterprise Solutions and Services

       
DELL INC.
Condensed Consolidated Statement of Income and Related Financial Highlights
(in millions, except per share data and percentages)
(unaudited)
 
Six Months Ended % Growth Rates
July 29, July 30,
  2011     2010   Yr. to Yr.
 
Net revenue
Products $ 24,669 $ 24,731 (0 %)
Services, including software related   6,006     5,677   6 %
Net revenue   30,675     30,408   1 %
 
Cost of net revenue
Products 19,371 21,316 (9 %)
Services, including software related   4,347     3,990   9 %
Total cost of net revenue   23,718     25,306   (6 %)
 
Gross margin 6,957 5,102 36 %
 
Selling, general and administrative 4,199 3,509 20 %
Research, development and engineering   400     329   22 %
Total operating expenses   4,599     3,838   20 %
 
Operating income 2,358 1,264 87 %
 
Interest and other, net   (97 )   (117 ) 17 %
Income before income taxes 2,261 1,147 97 %
Income tax provision   426     261   63 %
Net income $ 1,835   $ 886   107 %
 
Earnings per share:
Basic $ 0.97   $ 0.45   116 %
Diluted $ 0.97   $ 0.45   116 %
 
Weighted average shares outstanding:
Basic 1,883 1,956 (4 %)
Diluted 1,897 1,967 (4 %)
 

Percentage of Total Net Revenue:

Gross margin 22.7 % 16.8 %
Selling, general and administrative 13.7 % 11.5 %
Research and development 1.3 % 1.1 %
Operating expenses 15.0 % 12.6 %
Operating income 7.7 % 4.2 %
Income before income taxes 7.4 % 3.8 %
Net income 6.0 % 2.9 %
Income tax rate 18.8 % 22.8 %
 

Net Revenue by Product Category:

Servers and Networking $ 4,027 $ 3,675 10 %
Storage 983 1,178 (17 %)
Services 4,020 3,806 6 %
Software and Peripherals 5,136 5,031 2 %
Mobility 9,477 9,263 2 %
Desktop PCs   7,032     7,455   (6 %)
Consolidated net revenue $ 30,675   $ 30,408   1 %
 

Percentage of Total Net Revenue:

Servers and Networking 13 % 12 %
Storage 3 % 4 %
Services 13 % 12 %
Software and Peripherals 17 % 17 %
Mobility 31 % 30 %
Desktop PCs 23 % 25 %
 

Net Revenue by Global Segment:

Large Enterprise $ 9,061 $ 8,795 3 %
Public 8,224 8,436 (3 %)
Small and Medium Business 7,477 7,059 6 %
Consumer   5,913     6,118   (3 %)
Consolidated net revenue $ 30,675   $ 30,408   1 %
 

Percentage of Total Net Revenue:

Large Enterprise 30 % 29 %
Public 27 % 28 %
Small and Medium Business 24 % 23 %
Consumer 19 % 20 %
 

Consolidated Operating Income:

Large Enterprise $ 952 $ 571
Public 854 667
Small and Medium Business 867 636
Consumer   209     (4 )
Segment operating income 2,882 1,870
Severance and facility actions (19 ) (81 )
Broad based long-term incentives (178 ) (174 )
Amortization of intangible assets (187 ) (175 )
Acquisition-related (140 ) (36 )
Other (1)   -     (140 )
Consolidated operating income $ 2,358   $ 1,264  
 
 
Note: Percentage growth rates and ratios are calculated based on underlying data in thousands.

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