Wednesday, January 12, 2005
SAP pre-announces, falls 3.5%
UK retailers had their worst December in a decade, according to BRC (interest-rate increases and housing slowdown curbing consumer spending)
At 16.00 SAP preannounced license sales and total revenues in line to slightly better, margins in line with guidance (+1pp to approx 27.8%) and EPS somewhat better than consensus. The shares fell 4-5 Eur or 3.5% the first 30 minutes, in my opinion due to weaker margin than expected. Several analysts expected (much) more than 1pp margin improvement, in particular after Siebel's strong report last week.
ISI estimates Q4 SP500 operating EPS to be up 15.3%, (analysts 15.4%). Last 4Qs: 28.3%, 27.5%, 27.9%, 16.8%, beating estimates handomely every Q, but only marginally beating ISI's model estimates and actually missing ISI's 3Qe by 3pp.
At 16.00 SAP preannounced license sales and total revenues in line to slightly better, margins in line with guidance (+1pp to approx 27.8%) and EPS somewhat better than consensus. The shares fell 4-5 Eur or 3.5% the first 30 minutes, in my opinion due to weaker margin than expected. Several analysts expected (much) more than 1pp margin improvement, in particular after Siebel's strong report last week.
ISI estimates Q4 SP500 operating EPS to be up 15.3%, (analysts 15.4%). Last 4Qs: 28.3%, 27.5%, 27.9%, 16.8%, beating estimates handomely every Q, but only marginally beating ISI's model estimates and actually missing ISI's 3Qe by 3pp.
# posted by Sprezzaturian @ 1:24 AM 
