Sun Microsystems Inc. today reported higher-than-expected earnings for its fourth fiscal quarter, on record revenues of US$3.52 billion.
Net income for the quarter, ended June 30, was $395 million, up 37 percent from $288 million in the prior quarter, excluding a charge related to an acquisition, the company said.
Earnings per share were 48 cents, compared with 37 cents a year ago, also excluding the acquisition charge. A consensus of 19 brokers polled by First Call Corp. expected the company to post a profit of 46 cents per share.
Including the aquisition-related charge, net income and earnings per share for the fourth quarter of fiscal year 1998 were reported as $273 million and 35 cents, respectively.
The $3.52 billion revenue figure is up 22 percent compared with the fourth quarter of fiscal 1998.
"We had a terrific fourth quarter; our team really delivered. ... Sun's success has come as a direct result of our relentless focus on network computing," Scott McNealy, Sun's chief executive office, said in a statement.
A breakdown of Sun's sales and profits by product and region was not immediately available. However, Sun said it experienced record product shipments in the quarter, and saw a great amount of growth in emerging markets for electronic commerce and service providers.
For the full 1999 fiscal year, Sun reported revenues of $11.73 billion, up 20 percent over the prior year. Net income for the fiscal year was $1.16 billion, up 28 percent over the prior year, excluding acquisition-related charges for fiscal years 1998 and 1999.
Earnings per share for the year were $1.42, an increase of 23 percent from the previous year's results excluding the 1998 and 1999 acquisition charges. Including the charges, net income and earnings per share for the fiscal year 1999 were $1.03 billion and $1.27, respectively, Sun said.
Sun's stock was down 3.5 points to $67.19 on the Nasdaq stock exchange today.
Sun, in Palo Alto, California, can be reached at +1-415-786-7737 or at http://www.sun.com.