UPDATED: Oh, it was a very merry Christmas for Amazon, yet somehow investors still found coal in their stockings.
Propelled by strong holiday sales, Amazon posted net income for the fourth quarter of $207 million, or 48 cents a share. That's a 112 percent increase from the same period last year, when the Web's largest retailer posted earnings of $98 million, or 23 cents a share.
Amazon's earnings per share matched analysts' consensus, according to polling from Thomson Financial.
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CRM News: Wall Street::
Amazon Doubles Profit but Stock Struggles on Investor Angst. Thursday - January 31, 2008 Gloomy Outlook Overshadows Q4 Gains, Whitman Departure. Thursday
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"This quarter showed accelerated sales growth and record operating profits," said Jeff Bezos, Amazon's founder and CEO, in a statement. "In our view, these unusual financial results are driven by one thing: continuously improving the customer experience."
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reports loss in Q4 compared with year-ago profit Web retailer Amazon second-quarter profit doubles, beats estimates. Jul 23 (Hits: 32)
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News Scan: Feb. 2, 2005 - Forbes.com::
quarter-point; NYSE paper: Grasso aided in payout; ex-WorldCom execs deal nixed. Amazon.com Posts To Q4 Profit. Roche Full-Year Net Doubles To $5.5B
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Amazon reported total Q4 revenue of $5.67 billion, a 42 percent increase over last year's haul during the same period. Quarterly revenue also shot past analysts' consensus projection of $5.38 billion, as well as the high end of Amazon's own guidance of $5.45 billion.
Global Crown Capital::
Amazon doubles three-month profit. July 23rd, 2008. David Wu Comments on TI UPDATE 3-Broadcom Q4 net falls; sales seen down in Q1. February 2nd, 2007
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Prince George Citizen - Qualcomms Q4 profit rises sharply despite ::
Citizen - Your local news source, QualcommQualcomms Q4 profit rises sharply despite legal woes, but Amazon second-quarter profit doubles, beats
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Looking ahead, Amazon is expecting first-quarter sales of between $3.95 billion and $4.15 billion, an increase of between 31 percent and 38 percent over the same period last year.
Investors' consensus for Q1 gross revenue was $3.92 billion, well under the low end of Amazon's guidance range.
Amazon finished the day up a fraction of a point to close at $74.21, but after the bell, shares fell more than 12 percent, despite reporting earnings that exceeded analyst expectations.
The after-hours sell-off may have been the result of a constricting margin. Despite more than doubling last year's net earnings, Amazon's fourth-quarter gross margin dropped to 20.6 percent from 21.3 percent in 2006.
Bezos deflected analysts' questions about slipping margins by emphasizing that the company viewed its free cash flow as a better yardstick of the company's health. In Q4, Amazon reported free cash flow of $1.18 billion, up 143 percent from the end of 2006.
Still, Bezos did say that he expects Amazon to be able to improve its margins. Buoyed by the strong sales, Amazon will have a favorable bargaining position with its vendors to allow it to reduce overhead.
Amazon experienced other mixed fortunes as well. Looking back on the quarter, the company hailed the success of its Kindle e-book reader, though Bezos acknowledged that demand outstripped supply, creating inventory shortages.
"On the manufacturing side, it's causing us to scramble. We're working very hard to address that," Bezos said. "Our goal is to get to a situation where when you order a Kindle, we ship it immediately."
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