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Apple Computer Inc on October 18 posted a 27 percent increase in fourth-quarter profit as strong sales of iPods refuted fears growth was slowing and Macintosh computers shipments set a record, sending shares up 4 percent.
Apple sold 8.73 million iPods, up 35 percent from a year ago, and 1.61 million Mac computers, a 30 percent increase from the year-earlier period, boosted by students at schools and universities.
Apple said it had the best Macintosh quarter in its history and sold nearly 1 million notebook Macs, up 56 percent from a year ago. The number of Macs sold topped the previous record of 1.38 million in the first fiscal quarter of 2000.
Chief Financial Officer Peter Oppenheimer said in an interview the company grew at roughly three times the overall PC market, citing a forecast from market research firm IDC that called for just under 10 percent year-over-year growth.
Cupertino, California-based Apple concluded a transition to Intel Corp microprocessors with the introduction of its Mac Pro and Xserve computers in August. Increasingly, investors are more focused on Mac sales driving revenue and profit growth as sales of iPod players moderates.
"I think iPods' slowing has been priced in (to the stock) at this point, now everybody is focusing on the Mac sales," said Michael Church, portfolio manager, at Church Capital Management in Yardley, Pennsylvania. "A lot of people are looking at Mac sales to drive growth over the next two years."
Apple said net income for the quarter ended September 30 rose to $546 million, or 62 cents per share, from $430.0 million, or 50 cents per share, a year ago. Revenue climbed 32 percent to $4.84 billion.
The company said in July it expected earnings per share of 46 cents to 48 cents, including an estimated 3 cents per share for expensing stock options, on revenue of $4.5 billion to $4.6 billion. Analysts, on average, expected earnings of 51 cents per share - which includes stock-based compensation - on revenue of $4.67 billion.

Copyright Reuters, 2006

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