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Thursday, May 23, 2013
Lenovo Reports Strong Fourth Quarter and Full Year Results

Lenovo Group had a strong showing this year with record full-year sales, earnings and income, despite the steep fall of the PC industry.

Lenovo Group announced record full-year sales of US$34 billion, an increase of 15 percent year-over-year, a record full-year pre-tax income of US$801 million, up 38 percent year-over-year and record earnings of US$635 million, up 34 percent. While Lenovo continued to close in on the #1 position in PCs, with a record 15.5 percent market share for the full-year, it accelerated its transformation to become a top competitor in the PC Plus era, with a 5.9 percent share of Smart Connected Devices and global #3 ranking.

Lenovo had also record revenues for the fourth quarter of US$7.8 billion, four percent year-over-year growth. The company achieved pre-tax income of US$166 million during the fourth fiscal quarter, a 63 percent increase over the same period last year.

The company?s gross profit for the fourth fiscal quarter grew to US$963 million, an increase of 20 percent year-over-year. Gross margin was 12.3 percent. Operating profit for the fourth quarter was US$169 million, up 67 percent year-over-year, while earnings jumped 90 percent year-over-year to US$127 million.

"Despite a challenging macro-economic environment and ongoing PC industry transformation, Lenovo delivered a strong performance in the 2012/13 fiscal year. Not only were we the fastest growing among all major PC players, with record market share, revenue and profitability, more importantly, our smartphone and tablet businesses saw dramatic growth," said Yang Yuanqing, Lenovo Chairman and CEO. "In fact, smartphone shipments were 3.7 times greater than last year globally and we are now number two in the China smartphone market. This has laid a solid foundation for the successful transformation of Lenovo into a PC Plus leader. Going forward, we will focus our investments on the fast-growing tablet, smartphone and enterprise hardware areas, while working to enhance the profitability of our core PC business. We are very confident in our ability to achieve success in these new areas, just as in the PC business."

Lenovo China achieved a 4.9 percent operating margin on US$3.1 billion in consolidated sales in the fourth fiscal quarter. This was an eight percent year-over-year or US$228 million increase of revenue, accounting for 40 percent of the Company?s worldwide sales.

Lenovo?s PC shipments in North America in the fourth fiscal quarter increased 9.8 percent year-over-year, in a market that fell by about 12 percent.

Lenovo also held strong as China?s number two smartphone maker, seeing rapid growth in all its Mobile Internet Digital Home (MIDH) product lines. The company?s smartphone shipments grew 206 percent in the fourth quarter, a significant premium to the overall market in China which grew 117 percent. Lenovo announced several new smartphones in the fourth quarter, led by the new K900, a 5.5-inch smartphone with a slim 6.9 mm profile and high-performance camera; all running on an Intel Atom processor.

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