Friday, February 12, 2016

The Apple of everyone's eye for profits

Sure, there are lots of earnings reports on Wednesday, but the only one people are talking about is Apple's.

The Apple of everyone's eye for profits

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Tons of companies are reporting earnings Wednesday, but I don't think any will be able to wrest the headlines away from Apple's eye-popping Q4 iProfits.

A $13 billion profit on revenue of $46 billion in one quarter (!) is almost oil industry-like -- so big, so rich, you think twice as you applaud it.

In fact, it seems that Apple may have been one company President Obama had in mind in his State of the Union speech Tuesday night when he talked about companies bringing jobs back home.

Given the New York Times' Sunday piece on how Apple came to source globally, it would seem unlikely that Apple would feel the need to change what it's doing, even with $97 billion in cash on its balance sheet. After all, the way Apple is clicking, the House that Jobs built acts as if it's built to last.

Closer to home, some Philadelphia-area companies must settle for less-stratospheric results.

Oaks-based SEI Investments reported net income of $44.4M, or 25 cents per shares, on revenues of $226.2 million. Both revenues and profits were down from Q4 2010 when it posted net income of $62.9M, or 33 cents per share, on revenues of $231.4M.

Exelon, the parent of Philadelphia's Peco, saw its Q4 net income rise to $606M, or 91 cents per shares, from $524M, or 79 cents per share. But the electric and gas utility missed analyst expectations.

Warmer than usual weather also held back results at Valley Forge's UGI. Net income of $87M, or 77 cents per share, for Q1 was down from $113M, or $1.01 per share, for the same quarter a year ago.

Inquirer Columnist
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About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

Mike Armstrong Inquirer Columnist
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