Cisco Systems posted fourth quarter earnings a penny better per share than analyst forecasts on revenue essentially in line with expectations.
For the period ended July 31, Cisco recorded net sales of US$5.9 billion, compared with US$4.7 billion for the fourth quarter of fiscal 2003, an increase of 26 percent. Revenues were up 5.4 percent sequentially.
Pro forma net income was US$1.5 billion, or 21 cents per share, a penny better than the 20 cents a share analyst were expecting, according to Thomson First Call.
Net income for the fourth quarter of fiscal 2003 was US$1.1 billion, or 15 cents a share. Net earnings were US$1.4 billion, or 19 cents per share, for the third quarter of fiscal 2004.
"This was a record-breaking quarter for Cisco on a number of financial and operational levels, including generating the highest net income and earnings per share in the company's history," said John Chambers, Cisco president and CEO, in a statement. "The investments we've made in emerging markets around the world, coupled with continued innovation in our core business and advanced technologies, are generating record results."
For the year, Cisco posted net sales of US$22.0 billion, compared with US$18.9 billion for fiscal 2003, an increase of 16.8 percent. Pro forma net income was US$5.3 billion, or 76 cents per share, compared with US$4.3 billion, or 59 cents per share, for fiscal 2003.