NVIDIA CORP. $15 (Nasdaq symbol NVDA; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 603.7 million; Market cap: $9.1 billion; Price-to-sales ratio: 2.4; No dividends paid; TSINetwork Rating: Average; www.nvidia.com) develops 3D graphics chips and related technology for computers, gaming consoles and other devices. The company’s chips make computer games run more smoothly and appear more lifelike. Nvidia focuses on design, and outsources production to other chipmakers.
The company continues to see strong demand for its chips from makers of smartphones and other mobile devices; Motorola and Samsung are now using Nvidia’s new Tegra chips in their latest smartphones. Rising sales to mobile device makers are also offsetting slower sales of chips for desktop and notebook computers.
In its 2011 second quarter, which ended July 31, 2011, Nvidia earned $193.5 million. That’s up 306.2% from $47.6 million a year earlier. Earnings per share rose 300.0%, to $0.32 from $0.08, on more shares outstanding. Sales rose 25.3%, to $1.0 billion from $811.2 million.
The company spent $247.7 million (or 24.4% of its sales) on research in the latest quarter, up 17.6% from $210.6 million (or 26.0% of sales) a year earlier.
New products that emerge from this spending should help spur Nvidia’s sales. For example, the company is taking advantage of rising interest in 3D movies and games with new glasses that deliver brighter and sharper images than its earlier glasses.
The company has little debt, and holds cash of $2.5 billion, or $4.10 a share. That gives it plenty of flexibility to keep developing new products. Nvidia is also expanding its business by purchasing other chipmakers. For example, in June 2011 it paid $352.2 million for Icera Inc., which designs energy-efficient chips for cellphones.
Nvidia will probably earn $1.00 a share in 2011. The stock trades at just 15.0 times that figure.
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