Yah but the market cap back then was about half of what it is now I think. You have to factor in the amount of shares out and the cash and debt.
I mean really? If you miss just reinvest non US earnings from years past and change your tax rate and beat your numbers.
Fact is THEY MISSED and they MISSED BAD! They used accounting tricks, OBVIOUS ones at that so their stock wouldn't get hammered.
If they used the same tax rate they did last year same quarter they made .43 missing by .07. Why did their tax rate change? Here's why....
"The effective tax rate for the second quarter was 9.3%, down 16.2 points from the first quarter driven by a one-time refund claim and our decision to indefinitely reinvest certain prior years' non-U.S. earnings."
LOL!!! Are you kidding me?
Just sold short 31.6
Not to mention their retained earnings are sitting at 4.4B and their book value went up again last quarter by 300M with a drop in equipment.
They could start paying a dividend right now if they wanted but to me it looks like that what to get rid of their debt which is very smart.
Canaccord seems to have problems reading a balance sheet.
SDRL's debt at the end of last year stood at a net of 8B
SDRL's debt at the end of Q1 2015 was 7.132B
Debt after today's deal sits at 6.592B
Their Q2 ends in 2 weeks and they will have printed another 750M dollars.
Debt probably right now sits at 5.9B
See the trend here?
Obviously Canaccord cannot see what is happening here. All they can spout is nonsense. Then the idiots on this board pick up on their dilution snipe.
SDRL prints 2-3B in cash per year. Their debt will be gone in 8-12 quarters if they so choose. Even at the worst of the supposed downturn in 2016 SDRL will still print at least 2B in profits but for some reason CANACCORD thinks they are in trouble. No Canaccord they might of been in trouble if they kept the status quo a year ago but they saw the slowdown and took control and now idiots like you punish them at their low share price. Losers... always were and still are today I see.
This is pulled from a KORS 1st quarter 2013 report given out on June 14, 2012.
Revs - 397M
Cash - 162M
Debt - 28M
EPS - .34
Share Count - 199M
Shareholder Value - 536M
Share Price pps - 42ish
Compare to today's results
Revs - 1.04B
Cash - 979M
Debt - 0
EPS - .90
Share Count - 203M
Shareholder Value - 2.24B
Share Price pps - 46
INSANE at 46!
Revenues for last quarter were in line with estimates. They warned on the year 4.75B vs 5.05B (est) of which 200M was on account of the strong dollar. The other 100M I believe is from watch revenue decline. They said during the CC twice that I heard that they believe watch revenues were cannibalized by their jewelry line.