Monday, April 11, 2011

Google Reports Earnings on Thursday, April 14 (Charts) *Financial Performance Review* GOOG

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Google reports earnings on Thursday, April 14


Google Financial Performance Review

Google will be reporting quarterly financial results on Thursday, April 14 after market close. The conference call will be at 1:30 p.m. PT. Google financial performance charts for prior quarters have been posted on the Google Financial Performance page and will be updated for this next quarterly report. The charts are:
Google Performance by the Quarters
Earnings per Share (Diluted) and Cash Flow per Share
Total Revenues, Operating Income, Net Income
Gross Margin, Operating Margin, Net Margin
Return on Assets
Total Revenues and Earnings per Share Growth Rates
Revenue Sources
Traffic Acquisition Costs
Geographic Revenues


Google Future and Past Financial Performance

Q1 2011 Analysts' Estimates
Yahoo Finance analysts' estimates for Q1 2011 are:
Total Revenues: $6.32B average, $6.05B low estimate, $6.51B high estimate, 32 analysts
Earnings per Share: $8.13 average, $7.58 low estimate, $8.73 high estimate, 36 analysts

Q1 2011 Google Outlook
Google did not provide any projections or guidance for Q1 2011.

Q4 2010 Financial Results
When Google reports calendar Q1 2011, the 3 months ended March, financial results on April 14, Google should meet or beat various Q4 2010 results. These financial results are charted on the Google Financial Performance page. Google for Q4 2010, the 3 months ended December, financial results were:
Total Revenues $8.44B
Operating Income $2.98B
Net Income $2.54B
Earnings per Share - Diluted $7.81
Cash Flow per Share $10.83
Gross Profit Margin 65.09%%
Operating Income Margin 35.33%
Net Income Margin 30.13%

Summary
Google Q1 2011 financial results should meet and exceed Q4 2010. The question is, by how much? The analysts' average Earnings Per Share is $8.13, which is about a 4% increase from Q4 2010 EPS of $7.81. This appears a reasonable, possibly conservative, estimate, as Q1 can be a stronger quarter for Google than Q4. Google should beat an $8.00 EPS in Q1 2011, as that is only a +2.4% increase in EPS QoQ. The analysts' average Total Revenues of $6.32 is too low. Google will probably reach $9.0B in Total Revenues for Q1 2011. Google should meet or beat on Cash Flow per Share and could potentially reach $11.00+. For Q1 2011, Google should beat Q4 2010 on Total Revenues, Operating Income, Net Income, Earnings per Share, and Cash Flow per Share. Google should be close to Q4 2010 on Gross Profit Margin, Operating Income Margin, and Net Income Margin. The detailed quarter by quarter charts are on the Google Financial Performance page.


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