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Dell reports 21 percent increase in third quarter earnings

Posted on: Thursday, 13 November 2003, 06:00 CST

AUSTIN (AP) -- Personal computer maker Dell Inc. reported a 21 percent increase in third-quarter earnings, citing significant growth in key European and Asian markets.

Dell said Thursday that it earned $677 million, or 26 cents a share, in the three months ended Oct. 31 compared to $561 million, 21 cents a share, in the same quarter last year.

Results matched expectations of analysts surveyed by Thomson First Call.

Revenue was $10.62 billion, 16 percent higher than the $9.14 billion reported in the same quarter last year and up more than 40 percent from two years ago.

Chairman and chief executive Michael Dell said the company expects revenue in the fourth quarter of $11.5 billion, an increase of 18 percent, and earnings per share of 28 cents, up 22 percent. Analysts were expecting fourth-quarter earnings of 28 cents a share.

Dell cited a 32 percent increase in product shipments in five strategic markets -- China, France, Germany, Japan and the United Kingdom.

Asia-Pacific and Japan led the company's regional growth with a 35 percent increase, nearly three times the combined rate of other companies. Dell's strength in Asia-Pacific and Japan was most notable in servers and notebook computers.

Dell said systems sold to U.S. consumers rose 28 percent and sales to governments and small and medium businesses both increased 22 percent.

For the first nine months of its fiscal year, Dell said earned $1.9 billion, or 72 cents a share, up from $1.5 billion, or 57 cents a share, a year ago. Revenue rose to $29.9 billion from $25.6 billion a year ago.

Dell shares fell 3 cents per share to close at $35.64 in trading on the Nasdaq Stock Market.

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On the Net:

http://www.dell.com

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