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Lenovo defies industry trends, grows quarterly revenue and earnings

updated 09:34 pm EDT, Wed August 14, 2013

Lenovo seeing growth in PC, Laptop, Mobile segments

The Lenovo Group today reported results for its first fiscal quarter that ended on June 30. The China-based computer manufacturer posted quarterly revenue of $8.8 billion, a 10 percent increase year-over-year. At the same time, Lenovo's first quarter pre-tax income increased 16 percent year-over-year to $215 million, highlighting the company's continued focus on leading what it calls the "PC Plus era," while growing its business profitably across all geographies, customer segments, and product lines.

Lenovo's PC shipments for the first fiscal quarter were 12.6 million units, the 17th quarter in a row that Lenovo outperformed the industry as a whole, which was down 11 percent year-over-year. During the first fiscal quarter, Lenovo claims to be the third-largest supplier of PC, smartphone and tablet products, growing shipments 41 percent year-over-year. Lenovo's combined sales of smartphones and tablets surpassed PCs for the first time ever during the quarter.

The company's gross profit for the first fiscal quarter increased 14 percent year-over-year to $1.2 billion, with gross margin at 13.6 percent. Operating profit for the quarter grew 11 percent year-over year to $202 million. Basic earnings per share for the first fiscal quarter was 1.67 cents.

During the first fiscal quarter, Lenovo signaled the return of PC manufacturing to the US with the grand opening of its manufacturing facility in Whitsett, NC. The new manufacturing line is capable of producing some of Lenovo's newest Think-branded products, including the ThinkCentre M92p Tiny desktop, ThinkPad Tablet 2, and the ThinkPad Helix convertible ultrabook.

by MacNN Staff



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