Cisco Jumps on Q4 Results; Dividend Hike

Cisco Systems

released its fiscal fourth-quarter earnings results after the closing bell on Wednesday. The company reported GAAP net income of $1.9 billion or $0.36 per share, compared to $1.2 billion or $0.22 per share, in the year ago period. On a non-GAAP basis, which is comparable to analysts' consensus, Cisco reported net income of $2.5 billion or $0.47 per share, compared to $2.2 billion or $0.40 per share, in last year's corresponding quarter. This came in ahead of Wall Street analysts' consensus EPS estimates of $0.46. Revenues in the quarter were up 4.4 percent to $11.69 billion versus $11.20 billion last year. This also exceeded analysts' consensus revenue estimates of $11.60 billion. The company also announced that it is increasing its quarterly dividend for the first quarter of fiscal 2013 by 75% to $0.14 per share. "As a result of our strong performance, continued execution on our plan to deliver profitable growth, and commitment to shareholders, for the full fiscal year, we delivered revenue growth of 7% as well as a record year in revenue and earnings per share," stated Cisco Chairman and CEO John Chambers. "Our strategy -- delivering intelligent networks and technology architectures, built on integrated products, services and software platforms, to fuel our customers' businesses -- is proving the right long-term strategy for our success. There is no question that our industry and our world are evolving quickly and Cisco is squarely at the center of major technology market transitions -- cloud, mobile, visual, virtual and social."