ADP: Financial Gauge Analysis for the June 2010 Quarter

Automatic Data Processing (NASDAQ: ADP) earned $0.42 per share in fiscal 2010's fourth quarter, which ended 30 June 2010.  Earnings per share were 41 percent less than the $0.70 ADP made in the same quarter of 2009. 

The prior-year result was boosted by a tax benefit of $0.24 per share.  Excluding this one-time benefit, diluted quarterly earnings from continuing operations declined from $0.45 in June 2009 to $0.42 per share in June 2010.

A previous article examined ADP's Income Statement for the June quarter.  Reported earnings fell $0.01 short of the $0.43 per share we had forecast.

We have now updated the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.  This post reports on the metrics for ADP and the associated financial gauge scores.  The metrics were calculated using data from ADP's current and historical financial statements, including those in the 10-K for fiscal 2010.


Before getting into the details, we will take a step back to introduce the subject of today's analysis.

Automatic Data Processing performs payroll, human resource, data processing, and outsourcing Business Services for more than 500,000 clients, large and small, in the United States and other countries.  ADP pays one of every six private sector employees in the U.S.  The company is one of four remaining of U.S. firms with a AAA bond rating.  It is also an S&P 500 Dividend Aristocrat, having hiked its dividend for 35 consecutive years.

Fortune Magazine deemed ADP to be Most Admired in the Financial Data Services industry. 

Additional background information about ADP and the business environment in which it is currently operating can be found in the look-ahead.

In summary, ADP's latest quarterly results produced the following changes to the gauge scores:

• Cash Management: 9 of 25 (down from 10 in March)
• Growth: 5 of 25 (down from 7)
• Profitability: 14 of 25 (down from 15)
• Value: 5 of 25 (up from 4)

• Overall: 34 of 100 (down from 36)

The current and historical values for the financial metrics that determine the gauge scores are listed below, with some brief commentary.  Readers are encouraged to verify these figures and calculate others as they see fit using the filings available at the SEC's web site and elsewhere.

Read the rest of this article

PG: Financial Gauge Analysis for the June 2010 Quarter

Procter & Gamble (NYSE: PG) earned $0.71 per diluted share in fiscal 2010's fourth quarter, which ended 30 June.  Earnings per share decreased 11 percent when compared to the $0.80 P&G made in the same quarter of 2009.

Core EPS, a non-GAAP measure that excludes certain items, fell from $0.78 to $0.71.

A previous article examined P&G's Income Statement for the June quarter.  Reported earnings were $0.06 less than the $0.77 per share we had forecast.

We have now updated the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.  This post reports on the metrics for P&G and the associated financial gauge scores.  The metrics were calculated using data from P&G's current and historical financial statements, including those in the latest Annual Report.


Before getting into the details, we will take a step back to introduce the subject of today's analysis.

Procter & Gamble, which traces its roots back to 1837, creates and markets many well-known branded consumer staples to customers around the world.  P&G has three global business units:  Beauty and Grooming, Health and Well-Being, and Household Care. 

The company's market capitalization is currently around $175 billion, which makes P&G the sixth-most valuable U.S. corporation.  P&G, having raised its dividend for more than 50 consecutive years, is an S&P 500 Dividend Aristocrat.  P&G is also number 6 on Fortune Magazine's 2010 list of the World's Most Admired Companies. 

Additional background information about P&G and the business environment in which it is currently operating can be found in the look-ahead. 

In summary, P&G's latest quarterly results produced the following changes to the gauge scores:

• Cash Management: 18 of 25 (up from 15 in March)
• Growth: 13 of 25 (up from 7)
• Profitability: 11 of 25 (down from 13)
• Value: 11 of 25 (unchanged)

• Overall: 51 of 100 (up from 49)

The current and historical values for the financial metrics that determine the gauge scores are listed below, with some brief commentary.  Readers are encouraged to verify these figures and calculate others as they see fit using the filings available at the SEC's web site and elsewhere.

Read the rest of this article

COP: Financial Gauge Analysis for the June 2010 Quarter

ConocoPhillips (NYSE: COP) earned $2.77 per diluted share on a GAAP basis in the second quarter of 2010, which ended 30 June.  Earnings per share dwarfed the $0.57 ConocoPhillips made in the same quarter of 2009.

The sale of equity investments in Syncrude and CFJ Properties boosted earnings in the most recent quarter.  Adjusted earnings, which exclude several special items, were $1.67 per share.

A previous article examined Conoco's Income Statement for the June quarter.  Reported and adjusted earnings both surpassed our $1.54 estimate.

We have now updated the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.  This post reports on the metrics for ConocoPhillips and the associated financial gauge scores.  The metrics were calculated using data from the company's current and historical financial statements, including those in the latest 10-Q.


Before getting into the details, we will take a step back to introduce the subject of today's analysis.

ConocoPhillips is one of the ten biggest Integrated Oil and Gas companies, which produce, refine, transport, and market energy products.  The company's market capitalization is approximately $80 billion, and its revenue was almost $150 billion in 2009. 

ConocoPhillips was formed in 2002 when Conoco, Inc., merged with Phillips Petroleum.  It added Burlington Resources, which had extensive natural gas operations, in March 2006 (when gas prices were high).

In March 2010, Conoco announced it would sell half of its 20 percent stake in Russia's Lukoil (OTC: LUKOY).  This plan changed in July when Conoco decided to pursue the sale of its entire Lukoil investment by the end of 2011.

Additional background information about ConocoPhillips and the business environment in which it is currently operating can be found in the look-ahead.

In summary, Conoco's latest quarterly results produced the following changes to the gauge scores:

• Cash Management: 8 of 25 (down from 14 in March)
• Growth: 4 of 25 (unchanged)
• Profitability: 5 of 25 (up from 4)
• Value: 5 of 25 (up from 2)

• Overall: 22 of 100 (up from 21)

The current and historical values for the financial metrics that determine the gauge scores are listed below, with some brief commentary.  Readers are encouraged to verify these figures and calculate others as they see fit using the filings available at the SEC's web site and elsewhere.

Read the rest of this article

MSFT: Financial Gauge Analysis for the June 2010 Quarter

Microsoft (NASDAQ: MSFT) earned $0.51 per diluted share in fiscal 2010's fourth quarter, which ended on 30 June 2010.  Earnings per share increased a robust 50 percent when compared to the $0.34 Microsoft made in the same quarter of 2009.

A previous article examined Microsoft's Income Statement for the June quarter.  Reported earnings were $0.04 per share more than the $0.47 we had forecast for the quarter.

We have now updated the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.  This post reports on the metrics for Microsoft and the associated financial gauge scores.  The metrics were calculated using data from Microsoft's current and historical financial statements, including the 10-K for fiscal 2010.


Before getting into the details, we will take a step back to introduce the subject of today's analysis.

Microsoft develops and sells the operating system software that runs on more than 90 percent of personal computers, and it also has dominant application software and server software franchises.  In addition, the company provides various online services, such as the Bing search engine and online advertising.  Microsoft also sells video game consoles, entertainment devices, and computer peripherals. 

Additional background information about Microsoft and the business environment in which it is currently operating can be found in the look-ahead.

In summary, Microsoft's latest quarterly results produced the following changes to the gauge scores:

• Cash Management: 20 of 25 (up from 19 in March)
• Growth: 14 of 25 (up from 9)
• Profitability: 19 of 25 (up from 14)
• Value: 17 of 25 (up from 9)

• Overall: 72 of 100 (up from 50)

The current and historical values for the financial metrics that determine the gauge scores are listed below, with some brief commentary.  Readers are encouraged to verify these figures and calculate others as they see fit using the filings available at the SEC's web site and elsewhere.

Read the rest of this article

NOK: Financial Gauge Analysis for the June 2010 Quarter

Nokia Corp. (NYSE: NOK) earned €0.06 per diluted share on an IFRS basis in 2010's second quarter, which ended on 30 June, down from €0.10 in the same quarter of 2009.

Second-quarter earnings fell from €0.15 to €0.11 per share on a non-IFRS basis, which excludes items such as restructuring charges and intangible asset amortization.
In our earlier review of Nokia's Income Statement, we compared the actual results to our revised "look-ahead" estimates.  Reported earnings were €0.01 less than the €0.07 per share we had forecast for the second quarter.

We have now updated the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.  This post reports on the metrics for Nokia and the associated financial gauge scores.  The metrics were calculated using data from Nokia's  current and historical financial statements.

Before getting into the details, we will take one step back to introduce the subject of today's analysis.

A Finnish company with a rich history, Nokia Corporation has been the leading global producer of mobile phones since 1998. Nokia also sells the network infrastructure that supports these phones. The company has three business segments: Devices and Services (D&S), Nokia Siemens Networks (NSN), and NAVTEQ. Despite a substantial head start, Nokia has been losing market share to upstarts such as Apple's (NASDAQ: AAPL) iPhone in the smartphone product category.

Additional background information about Nokia and the business environment in which it is currently operating can be found in the look-ahead.

In summary, Nokia's latest quarterly results produced the following changes to the gauge scores:

• Cash Management: 19 of 25 (up from 18 in March)
• Growth: 5 of 25 (unchanged)
• Profitability: 10 of 25 (unchanged)
• Value: 13 of 25 (up from 9)

• Overall: 49 of 100 (up from 43)

The current and historical values for the financial metrics that determine the gauge scores are listed below, with some brief commentary.  Readers are encouraged to verify these figures and calculate others as they see fit.

Read the rest of this article

HD: Income Statement Analysis for the July 2010 Quarter

The Home Depot, Inc. (NYSE: HD) earned $0.72 per diluted share on a GAAP basis in fiscal 2010's second quarter, which ended on 1 August 2010.  Earnings per share increased 8.6 percent when compared to the $0.66 Home Depot made in the same quarter of 2009.

On a non-GAAP "adjusted" basis, earnings increased from $0.67 to $0.72 per share.  The non-GAAP numbers exclude unusual items, but the most recent quarter had no such gains or losses.

This post examines Home Depot's Income Statement for the quarter and compares the entries on each line to our "look-ahead" estimates.  Reported earnings were $0.01 better than the $0.71 per share we had forecast.  The extra penny of EPS was due to the number of shares outstanding being lower than we anticipated.

The principal sources for this income statement analysis were the earnings announcement and the ensuing conference call (transcript available from Seeking Alpha).

In a second article, we will report Home Depot's scores as measured by the GCFR financial gauges.  The follow-up post will also provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.


Before getting into the details, we will take a step back to introduce the subject of today's analysis.

Read the rest of this article

WMT: Income Statement Analysis for the July 2010 Quarter

Wal-Mart Stores (NYSE: WMT) earned $0.97 per diluted share on a GAAP basis in fiscal 2011's second quarter, which ended on 31 July 2010.  Earnings per share increased 9 percent when compared to the $0.89 Walmart made in the same quarter of 2009.

This post examines Walmart's Income Statement for the quarter and compares the entries on each line to our "look-ahead" estimates.  Reported Net Income of $3.596 billion exactly matched our estimate (a rarity), but fewer shares outstanding allowed earnings per share to exceed by $0.01 the $0.96 we had forecast.

The principal sources for this income statement analysis were the earnings announcement and the transcript [pdf] of management's audio review of the quarter.

In a second article, we will report Walmart's scores as measured by the GCFR financial gauges.  The follow-up post will also provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.

Before getting into the details, we will take a step back to introduce the subject of today's analysis.

Read the rest of this article

PEP: Financial Gauge Analysis for the June 2010 Quarter

PepsiCo (NYSE: PEP) earned $0.98 per diluted share on a GAAP basis in the fiscal 2010's 12-week second quarter, which ended on 12 June.  Earnings per share declined 7 percent when compared to the $1.06 PepsiCo made in the same quarter of 2009.

Core earnings, however, rose from $1.02 to $1.10 per share in the second quarter.  Core earnings exclude acquisition-related and other unusual items.

A previous article examined PepsiCo's Income Statement for the June quarter. 

We have now updated the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.  This post reports on the metrics for PepsiCo and the associated financial gauge scores.  The metrics were calculated using data from PepsiCo's current and historical financial statements, including the latest 10-Q.

Read the rest of this article

NVDA: Income Statement Analysis for the July 2010 Quarter

NVIDIA (NASDAQ: NVDA) lost $0.25 per diluted share on a GAAP basis in fiscal 2011's second quarter, which ended on 1 August 2010.  In last year's comparable quarter, NVIDIA incurred a net loss of $0.19 per share.  Both periods included substantial charges due to product failures caused by the same "weak die/packaging material set."

Excluding special items in both periods, non-GAAP earnings per share rose from $0.02 to $0.03.

This post examines NVIDIA's Income Statement for the latest quarter and compares the entries on each line to the "look-ahead" estimates we revised after the company's recent revenue-shortfall warning.  Since we hadn't anticipated the special charges that so greatly affected the GAAP results, our earnings estimate of $0.06 per share proved to be far too optimistic.  Non-GAAP earnings were $0.03 below our $0.06 earnings target.

The principal sources for the income statement analysis were the earnings announcement, the Chief Financial Officer's commentary, and the conference call transcript (available from Seeking Alpha).

In a second article, we will report NVIDIA's scores as measured by the GCFR financial gauges.  The follow-up post will also provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.


Before getting into the details, we will take a step back to introduce the subject of today's analysis.

Read the rest of this article

BR: Income Statement Analysis for the June 2010 Quarter

Broadridge Financial (NYSE: BR) earned $0.76 per diluted share on a GAAP basis in fiscal 2010's fourth quarter, which ended 30 June.  Earnings per share decreased 7.5 percent when compared to the $0.83 Broadridge made in the same quarter of 2009.

As you can see, Broadridge's earnings are always highest in the June quarter of each year.

Earnings from continuing operations were $0.84 per share in the June 2010 quarter, up from $0.82 one year earlier.  The securities clearing business, which was treated as a discontinued operation, lost $0.08 per share, after tax, in the quarter.  The sale of this business, announced last November, to Penson Worldwide (NASDAQ: PNSN) closed on 25 June 2010.  The final purchase price, in income and equity securities, was $35.2 million.

This post examines Broadridge's Income Statement for the quarter and compares the entries on each line to our "look-ahead" estimates.  Reported GAAP earnings were $0.05 per share lower than the $0.81 we had forecast, but earnings from continuing operations only were $0.03 higher.

The principal sources for this income statement analysis were the earnings announcement, the conference call presentation, the call transcript (available from Seeking Alpha), and the formal 10-K report for the fiscal year.

In a second article, we will report Broadridge's scores as measured by the GCFR financial gauges.  The follow-up post will also provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.


Before getting into the details, we will take a step back to introduce the subject of today's analysis.

Read the rest of this article

CSCO: Income Statement Analysis for the July 2010 Quarter

Cisco Systems (NASDAQ: CSCO) earned $0.33 per diluted share on a GAAP basis in fiscal 2010's fourth quarter, which ended on 31 July 2010.  Earnings per share increased almost 80 percent when compared to the $0.19 Cisco made in the same quarter of 2009.

Non-GAAP earnings rose 39 percent, from $0.31 to $0.43 per share.  The non-GAAP results exclude items such as share-based compensation, amortization of acquisition-related intangible assets, other acquisition-related expenses, and impairments.  In the latest quarter, the non-GAAP results excluded items that totaled $776 million pretax, $572 million ($0.10 per share) after-tax.

This post examines Cisco's Income Statement for the quarter and compares the entries on each line to our "look-ahead" estimates.  Reported GAAP earnings were $0.05 less than the $0.38 per share we had forecast. 

The principal sources for the income statement analysis were the earnings announcement, the CFO's video discussion of the results, and the conference call (both presentation [pdf] and transcript (made available by Seeking Alpha)).

In a second article, we will report Cisco Systems' scores as measured by the GCFR financial gauges.  The follow-up post will also provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.


Before getting into the details, we will take a step back to introduce the subject of today's analysis.

Read the rest of this article

PRGN: Income Statement Analysis for the June 2010 Quarter

Paragon Shipping, Inc., (NYSE: PRGN) earned $0.14 to $0.15 per diluted share, on a GAAP basis, in 2010's second quarter, which ended 30 June.  Earnings per share were less than one third of the $0.48 Paragon made in the same quarter of 2009.

Adjusted earnings per share, a non-GAAP measure that excludes various non-cash items, sank from $0.51 to $0.13.

A 50-percent increase in the weighted average number of diluted Class A common shares made the EPS decline steeper than the change in Net Income.  Equity offerings in 2009 expanded the share count.

This post reviews Paragon's Income Statement for the quarter.  We did not issue any estimates in advance of the actual results being released.  The principal sources for the analysis were the earnings announcement and the conference call presentation [pdf].

In a second article, we will provide updated figures for the financial metrics we use to analyze Cash Management, Growth, Profitability and Value.


Before getting into the details, we will take a step back to introduce the subject of today's analysis.

Read the rest of this article

KG: Income Statement Analysis for the June 2010 Quarter

King Pharmaceuticals, Inc., (NYSE: KG) earned $0.07 per diluted share on a GAAP basis in 2010's second quarter, which ended 30 June.  Earnings per share were less than half the $0.15 King made in the same quarter of 2009.

Non-GAAP adjusted earnings were also down substantially, falling from $0.32 to $0.17 per diluted share.  The non-GAAP results for the most recent quarter exclude items totaling $25.1 million, net, including a $38.2 million pretax charge for intangible assets amortization and a $12.5 million gain on a divested product.

This post examines King's Income Statement for the quarter and compares the entries on each line to our "look-ahead" estimates.  Reported GAAP earnings were $0.02 less than the $0.09 per share we had forecast.

The principal sources for this income statement analysis were the earnings announcement, the conference call (transcript made available by Seeking Alpha), and the formal 10-Q report.

In a second article, we will report King's scores as measured by the GCFR financial gauges.  The follow-up post will also provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.


Before getting into the details, we will take a step back to introduce the subject of today's analysis.

Read the rest of this article

EIX: Income Statement Analysis for the June 2010 Quarter

Edison International (NYSE: EIX) earned $1.05 per diluted share on a GAAP basis in 2010's second quarter, which ended 30 June.  Of the $1.05 amount, $0.43 was due to non-recurring, tax-related gains.

In second quarter of 2009, special charges of $0.83 per share resulted in Edison losing $0.05 per share on a GAAP basis.

Stripping out the special items in both periods, "Core" earnings, a non-GAAP measure, fell from $0.78 to $0.62 per share.  Core earnings increased at the company's electric utility but declined by a greater amount at Edison's power-generation subsidiary.  The cost of performing an unusually high number of preventive maintenance activities at certain electricity-generating plants depressed the latter's results.

This post examines Edison's Income Statement for the quarter and compares the entries on each line to our "look-ahead" estimates.  Reported earnings per share were $0.31 more than the $0.74 per share we had forecast, and core EPS were $0.12 less.

The principal sources for this income statement analysis were the earnings announcement, the formal 10-Q, the conference call presentation [pdf], and the call transcript.  The latter is made available by Seeking Alpha.

In a second article, we will report Edison's scores as measured by the GCFR financial gauges.  The follow-up post will also provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.


Before getting into the details, we will take a step back to introduce the subject of today's analysis.

Read the rest of this article

TDW: Income Statement Analysis for the June 2010 Quarter

Tidewater (NYSE: TDW) earned $0.77 per diluted share on a GAAP basis in fiscal 2011's first quarter, which ended on 30 June 2010.  Earnings per share decreased 10.5 percent when compared to the $0.86 Tidewater made in the same quarter of last year.

The latest results were consistent with Tidewater's "preannouncement," made on 21 July 2010, that earnings would be between $0.75 and $0.80 per share.

The company's results in the June 2009 quarter were depressed by a $48.6 million ($0.93 per share) charge related to difficulties in Venezuela.

This post examines Tidewater's Income Statement for the latest quarter and compares the entries on each line to our "look-ahead" estimates.  Reported earnings were $0.07 less than the $0.84 per share we had forecast prior to the release of the preannouncement.

The principal sources for this review were the earnings announcement, the conference call, and the formal 10-Q report.

In a second article, we will report Tidewater's scores as measured by the GCFR financial gauges.  The follow-up post will also provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.


Before getting into the details, we will take a step back to introduce the subject of today's analysis.

Read the rest of this article

WPI: Income Statement Analysis for the June 2010 Quarter

Watson Pharmaceuticals, Inc. (NYSE: WPI) earned $0.57 per diluted share on a GAAP basis in 2010's second quarter, which ended 30 June.  Earnings per share increased 28 percent when compared to the $0.45 Watson made in the same quarter of 2009.

Adjusted, non-GAAP earnings rose from $0.73 to $0.83 per share, up 22 percent from the June 2009 quarter.  The adjustments exclude non-cash items, such as amortization and asset impairments.

Products obtained when Watson acquired Arrow Group in December 2009 boosted the 2010 results but are not reflected in the 2009 figures.

This post examines Watson's Income Statement for the quarter and compares the entries on each line to our "look-ahead" estimates.  Reported earnings were $0.03 more than the $0.54 per share we had forecast.

The principal sources for this income statement analysis were the earnings announcement and the ensuing conference call (transcript available from Seeking Alpha).

In a second article, we will report Watson's scores as measured by the GCFR financial gauges. The follow-up post will also provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.

Read the rest of this article

PG: Income Statement Analysis for the June 2010 Quarter

Procter & Gamble (NYSE: PG) earned $0.71 per diluted share in fiscal 2010's fourth quarter, which ended 30 June.  Earnings per share decreased 11 percent when compared to the $0.80 P&G made in the same quarter of 2009.

Core EPS, a non-GAAP measure that excludes certain items, fell from $0.78 to $0.71.

This post examines P&G's Income Statement for the quarter and compares the entries on each line to our "look-ahead" estimates.  Reported earnings were a disappointing $0.06 less than the $0.77 per share we had forecast.

The principal sources for this income statement analysis were the earnings announcement and the conference call (transcript courtesy of Seeking Alpha).

In a second article, we will report P&G's scores as measured by the GCFR financial gauges.  The follow-up post will provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.


Before getting into the details, we will take a step back to introduce the subject of today's analysis.

Procter & Gamble, which traces its roots back to 1837, creates and markets many well-known branded consumer staples to customers around the world.  P&G has three global business units:  Beauty and Grooming, Health and Well-Being, and Household Care. 

The company's market capitalization is currently around $175 billion, which makes P&G the sixth-most valuable U.S. corporation.  P&G, having raised its dividend for more than 50 consecutive years, is an S&P 500 Dividend Aristocrat.  P&G is also number 6 on Fortune Magazine's 2010 list of the World's Most Admired Companies. 

Additional background information about P&G and the business environment in which it is currently operating can be found in the look-ahead. 

Please click here to see a normalized depiction of the actual and projected results for the just-concluded quarter, as well as restated quarterly Income Statements for the last couple of years.  After selling its pharmaceuticals business to Warner Chilcott (NASDAQ: WCRX), P&G restated some historical financial statements to depict the pharmaceutical results as a discontinued operation.

Read the rest of this article

INTC: Financial Gauge Analysis for the June 2010 Quarter

Intel Corporation (NASDAQ: INTC) earned $0.51 per diluted share in fiscal 2010's second quarter. 

In our earlier review of Intel's Income Statement, we compared the actual results to our "look-ahead" estimates.  Reported earnings were $0.09 better than the $0.42 per share we had forecast for the second quarter.

We have now updated the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.  This post reports on the metrics for Intel and the associated financial gauge scores.  The metrics were calculated using data from Intel's current and historical financial statements, including the latest 10-Q.

Before getting into the details, we will take one step back to introduce the subject of today's analysis.

Intel is the foremost manufacturer of integrated circuits for computers, servers, hand-held devices, and communication products.  The company has nine product groups, with PC Client and Data Center being the two largest.  Additional background information about Intel and the business environment in which it is currently operating can be found in the look-ahead.

In summary, Intel's latest quarterly results produced the following changes to the gauge scores:

• Cash Management: 13 of 25 (down from 20 in March)
• Growth: 24 of 25 (unchanged)
• Profitability: 22 of 25 (up from 20)
• Value: 16 of 25 (up from 4)

• Overall: 72 of 100 (up from 55)

The current and historical values for the financial metrics that determine the gauge scores are listed below, with some brief commentary.  Readers are encouraged to verify these figures and calculate others as they see fit using the filings available at the SEC's web site and elsewhere.

Read the rest of this article