Apple Earnings Conference Call Preview – Analyst Predictions

Tue, Apr 21, 2009

Finance, News

Tomorrow afternoon at 5 PM Eastern Standard Time, Apple will release its 2Q results. Apple’s EPS guidance ranges from 90¢ to $1 on revenue of $7.8 Billion.  For the year, the Wall Street consensus is EPS of $5.78 on revenue of $36.59 Billion.

For the quarter at hand, the general expectation on Wall St. is that Apple will report earnings of $1.08 a share on revenue of $7.9 Billion.  Consensus is also that Apple will report 2.2 million in Mac sales for the quarter, 10 million iPod sales, and 3.3 million in iPhone sales.

Here are what some analysts in particular are predicting:

Goldman Sachs

EPS of $1.07 on revenue of $8 Billion


Richard Gardner of Citigroup expects Apple’s EPS to come in at $1.23 a share, well over the Wall St. consensus.

Piper Jaffray

EPS of $.98 on revenue of $7.93 Billion.  Gene Munster, of Piper Jaffray, anticipates 2.2 million Macs sold, 10.05 million iPods sold, and anywhere between 3.7 and 4.4 million iPhones sold.

BMO Capital

EPS of $1.06

Credit Suisse

EPS of $1.09 on revenue of $7.76 Billion

Kaufman Brothers

The sometimes spotty analyst Shaw Wu expects EPS to come in at $1.13 a share on revenue of $8 Billion.  Wu predicts 2.3 million Macs shipped, 10 million iPods shipped, and sales of 3.2 million iPhones.


RBC’s Mike Abramsky, who has conveniently upped his $70 price target on Apple’s stock up to $95 anticipates earnings of $1.10 a share on revenue of $8.1 Billion.

Bullish Cross

Andy Zaky over at Bullish Cross anticipates earnings of $1.19 on revenue of $8.3 Billion.  Notably, Zaky disclosed that he no longer holds a position in Apple.  Previously, he he had been “long Apple.”

And just for fun

And just for a laugh, and to see what happens, a commentor on a Fortune post predicts the following:

Q2 2009 Revenue = $7.99b
Assuming a 15.2% net profit margin based on high iPhone margins and the 24mo accrual method…
Q2 2009 Net Profit = $1.22b
Earnings per Share assuming 907m shares = $1.34

If Apple comes close to $1.34, it might be the final nail in the coffin (if its not already there) proving that most analysts have no idea what they’re talking about.


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