Apple: FY Q2 Trending Well Above Guidance, Analyst Says
Posted by Eric Savitz
Apple (AAPL) could post blow out numbers for its fiscal second quarter ending March, according to Majestic Research analyst Tony Berkman.
When Apple reported results for the December quarter, it projected March quarter revenue of $11 billion to $11.4 billion, with profits of $2.06 to $2.18 a share. The Street, always certain that Apple is low-balling, is forecasting revenue of $11.7 billion. Berkman thinks is trending not only ahead of guidance, but also above the high end of the Street forecast range, which tops out at $12.2 billion.
Here’s why Berkman is so bullish:
* He says that strong demand for the iPhone in the U.K., Japan and China are driving iPhone sales well above consensus; Majestic is forecasting shipments of 9.1 million units, well ahead of the consensus at 6.95 million; that would be up from 8.7 million in the December quarter.
* Citing strong demand for the Touch, Majestic sees iPod sales of 11 million units, with an ASP of $162; consensus, the firm notes, is 9.63 million units and an ASP of $159.
* Majestic also sees strong Mac sales, with 3 million units, above the Street at 2.9 million, though they see an ASP of $1.251, a bit below the Street at $1.279.
* The iPad is tougher to calculate, since there are no sales data yet. But Majestic says that “a regression on the number of Google searches for various key products in advance of their release over the past several years suggests 6 million iPads will sell in calendar 2010.”
AAPL on Thursday rose 66 cents, or 0.3%, to $225.50.
