INTEL CORP. $23 (Nasdaq symbol INTC; Conservative Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 5.0 billion; Market cap: $115.0 billion; Price-to-sales ratio: 2.2; Dividend yield: 3.9%; TSINetwork Rating: Above Average; www.intel.com) is the world’s leading computer chip maker. Its products power 80% of the world’s personal computers.
In the three months ended June 29, 2013, Intel’s sales fell 5.1%, to $12.8 billion from $13.5 billion a year earlier. Sales of personal computer chips (which supply 63% of Intel’s total sales) fell 7.5%, while sales of chips for server computers were flat. Earnings declined 29.3%, to $2.0 billion from $2.8 billion. Due to fewer shares outstanding, earnings per share fell 27.8%, to $0.39 from $0.54.
Intel continues to invest heavily in new chips. It spent $2.52 billion (or 19.6% of its sales) on research in the latest quarter, up slightly from $2.51 billion (or 18.6% of sales) a year earlier.
The company is devoting a large portion of its research spending to new chips for smartphones and tablet computers. These products include its Atom chips, which use new technology that makes them highly energy efficient. The company is now using this technology to make desktop and laptop computer chips that use less energy.
Intel’s strong balance sheet will let it keep investing in new products. It holds cash and investments of $17.4 billion, or $3.49 a share, and its $13.2 billion of longterm debt is just 11% of its market cap.
The company will probably earn $1.85 a share in 2013, and the stock trades at 12.4 times that forecast. The $0.90 dividend yields 3.9%.
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