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Apple ($AAPL) reports calendar Q1 2012 financial results on Tuesday, April 24, after market close.

Apple reported technology sector record revenues of $46.33 billion and net income of $13.06 billion last quarter. GAAP earnings per share skyrocketed to $13.87 and cash flow per share from operations spiked to $18.64. Total assets surged to $138.61 billion, crowning Apple the largest tech company in the world. Cash and marketable securities reached $30.16 billion. Add long-term marketable securities and the reserves reached $97.60 billion. As was noted last summer during the USA debt ceiling debacle, Apple had more cash at that point than the U.S. Treasury!

The Apple hype and frenzy seems perpetual nowadays. The stock price makes daily headlines. We now have all learned the 3 apples that changed the world: one seduced Eve, one awakened Newton, and one was in the hands of Steve Jobs. We now have all learned it is Apple’s iWorld and we just live in it. Apple isn’t a corporate product, it is a way of life. Kids hang out and even get married in Apple stores! Our extended family sat around in the den at Christmas texting, surfing, and sending videos on their new iPhones. Peter Lynch would have loved it and called this anecdotal evidence. Having done ongoing fundamental research, we bought more AAPL stock the next week.

The encore after an unprecedented, record-smashing prior quarter financial performance is what everyone is waiting for. Holiday Q4 is normally the annual cyclical peak for Apple and what a peak it was. Q1 is then a dip in revenues, net income, and earnings per share. The same scenario is expected this time. Apple management is projecting $32.5 billion in total revenues and $8.50 GAAP earnings per share. This expected “dip” in total revenues will be the second best financial performance ever reported by a tech company, exceeded only by, yep, Apple in the prior quarter.

Apple is famous for low-balling their guidance. However, they did miss in calendar Q3 2011 due to the iPhone 4S being launched in early October (the next quarter) and consumers held off purchasing in anticipation. Regardless, the consensus is CEO Tim Cook and CFO Peter Oppenheimer have set up a beat on outlook this time. The prior quarterly earnings review and Apple press release are further below.

Estimated Calendar Q1 2012 Earnings per Share (GAAP)
Yahoo Finance Analysts Estimates: $10.00 avg, $8.46 low, $11.80 high, 44 analysts
Prior Quarter: $13.87
Prior Year: $6.40
Apple Outlook: $8.50

Estimated Calendar Q1 2012 Total Revenues(GAAP)
Yahoo Finance Analysts Estimates: $36.63B avg, $32.79B low, $41.09B high, 43 analysts
Prior Quarter: $46.33B
Prior Year: $24.67B
Apple Outlook: $32.50B

Apple Reports Legendary Quarter: Tech Record Revenues & Income

Apple Financial Summary Calendar Q4 2011 Apple financial performance was legendary, [insert favorite superlative here], and literally off the charts. This was the greatest quarter ever reported by a technology company in history. Every financial metric was an Apple quarterly record: cash flow per share, earnings per share, total revenues, operating income, net income, gross profit margin, operating margin, net margin, return on assets. The lone negative from all the financial data reviewed below was iPod sales dropped YoY -26%. No other negatives were found anywhere: QoQ, YoY, regional revenues, product revenues, margins, you name it, etc. CEO Tim Cook summarized, “We’re thrilled with our outstanding results and record-breaking sales of iPhones, iPads and Macs. Apple’s momentum is incredibly strong, and we have some amazing new products in the pipeline.” Financial position continues as legendary with total assets of $138.7 billion, including $97.6 billion in cash and investments. Apple generated $17.5 billion in cash for the quarter.

Apple Income Statement Calendar Q4 2011 Apple reported total revenues of $46.33 billion, net income of $17.34 billion, and earnings per share of $13.87. All 3 are all-time highs. From the prior calendar Q3 2011, total revenues were +63.89%, net income +97.25%, and earnings per share +96.74%. From the prior calendar year Q4 2010, these were +73.27%, +117.59%, and +115.71%, respectively. Gross, operating, and net margins also increased impressively to 44.68%, 37.42%, and 28.20%, respectively. Cash flow from operations per share increased to a record $18.64. The operating expense ratio decreased yet again to an amazingly low 7.26%. iPhones were the primary driver of product sales, comprising 52.7% of total revenues, an all-time high. The Americas region, presumably mostly the USA, was the primary driver of regional sales, comprising 38.2% of total revenues, a 6-quarter high.

Apple Balance Sheet Calendar Q4 2011 Total assets increased to a record $138.67 billion. The capital to assets ratio is a rock solid 65%. The current ratio is adequate at 39% and has been lowered in recent quarters as more current investment assets have been allocated to long-term marketable securities, a noncurrent asset. Apple is very liquid with strong capital. Apple has over $30 billion in cash, cash equivalents, and marketable securities. Add long-term marketable securities of $67 billion and Apple’s cash and investment reserves are a mind-boggling $97.6 billion! Return on assets spiked upwards to an extraordinary 30.34%.

Apple Outlook Calendar Q1 2012 ”Looking ahead to the second fiscal quarter of 2012, which will span 13 weeks, we expect revenue of about $32.5 billion and we expect diluted earnings per share of about $8.50.”

Apple Cash Flow per Share and Earnings per Share Current Cash Flow per Share of $18.64 is a record and easily exceeded the previous all-time high of $11.84. Current Earnings per Share of $13.87 is a record and easily exceed the previous all-time high of $7.79.

Apple Total Revenues, Operating Income, and Net Income All 3 increased to all-time and legendary highs. Current Total Revenues of $46.33 billion, Operating Income of $17.34 billion, and Net Income of $13.06 billion are the highest ever reported by a technology company.

Apple Gross Margin, Operating Margin, and Net Margin All 3 increased to multi-year, if not all-time, highs. Current Gross Margin of 44.68%, Operating Margin of 37.42%, and Net Margin of 28.20% are extraordinary in view of the unprecedented increase in total revenues. Usually a company sacrifices some margin to generate such a large increase in revenues. Rarely does a graph of margins show such a spike upwards.

Apple Regional Revenues All regions reported all-time highs. International revenues accounted for 58% of Apple’s total revenues in the latest quarter reported, down from the prior quarter of 63%. This is because everyone who didn’t have an iPhone in the USA apparently bought one in Q4 2011. Sales in all regions grew, but the Americas exploded to $17.71 billion and 38.23% of total revenues. Europe posted a strong gain to $11.26 billion and 24.29%. Asia Pacific increased to $7.70 billion and 16.61. Retail increased to $6.12 billion and 13.20%. Japan tripled to $3.55 billion and 7.66%. All regions were up 50%+ YoY. Americas was +84% QoQ and +92% YoY. Japan was +220% QoQ and +150% YoY.

Apple Product Revenues All products sales reached all-time highs. iPhone sales exponentially increased +122% QoQ and +133% YoY to $24.42 billion from $10.47 billion a year ago. By comparison, Apple’s total revenues in Q3 2010 were $20.34 billion. iPad sales increased +33% QoQ and +98% YoY to $9.15 billion. Mac Computers sales increased +5% QoQ and +22% YoY to $6.60 billion. Music Products & Services sales increased +19% QoQ and +29% YoY to $3.64 billion. iPods sales increased +129% QoQ, but dropped -26% YoY, to $2.53 billion.

Apple Growth Rates YoY Current Total Revenues Growth YoY of +73.27% is incredible, considering the growth was from $26.74 billion to $46.33 billion in one year! Current Earnings per Share Growth YoY of +115.71% is superb from $6.43 to $13.87.

Apple Reports First Quarter Results: Highest Quarterly Revenue and Earnings Ever, All-Time Record iPhone, iPad and Mac Sales

CUPERTINO, California – January 24, 2012 – Apple today announced financial results for its fiscal 2012 first quarter which spanned 14 weeks and ended December 31, 2011. The Company posted record quarterly revenue of $46.33 billion and record quarterly net profit of $13.06 billion, or $13.87 per diluted share. These results compare to revenue of $26.74 billion and net quarterly profit of $6 billion, or $6.43 per diluted share, in the year-ago quarter. Gross margin was 44.7 percent compared to 38.5 percent in the year-ago quarter. International sales accounted for 58 percent of the quarter’s revenue.

The Company sold 37.04 million iPhones in the quarter, representing 128 percent unit growth over the year-ago quarter. Apple sold 15.43 million iPads during the quarter, a 111 percent unit increase over the year-ago quarter. The Company sold 5.2 million Macs during the quarter, a 26 percent unit increase over the year-ago quarter. Apple sold 15.4 million iPods, a 21 percent unit decline from the year-ago quarter.

“We’re thrilled with our outstanding results and record-breaking sales of iPhones, iPads and Macs,” said Tim Cook, Apple’s CEO. “Apple’s momentum is incredibly strong, and we have some amazing new products in the pipeline.”

“We are very happy to have generated over $17.5 billion in cash flow from operations during the December quarter,” said Peter Oppenheimer, Apple’s CFO. “Looking ahead to the second fiscal quarter of 2012, which will span 13 weeks, we expect revenue of about $32.5 billion and we expect diluted earnings per share of about $8.50.”

Disclosure My family has a long position in Apple shares in which I have a beneficiary interest.