NVIDIA's fourth-quarter net profit of $207 million increased by 7% year-on-year

NVIDIA (NASDAQ: NVDA) announced its financial results for the fourth quarter and full fiscal year ending January 31, 2015. The company reported revenue of $1.401 billion for the quarter, up 12% year-over-year from $1.251 billion in the same period last year. GAAP net income reached $207 million, a 7% increase compared to $193 million in the previous year. Earnings per share remained flat at $0.35 on a diluted basis. Looking at the quarterly performance, revenue increased by 7% sequentially from $1.305 billion in the prior quarter. The GAAP gross margin improved to 56.5%, up 60 basis points year-over-year and 20 basis points from the previous quarter. Non-GAAP gross margin stood at 57.2%, reflecting a 100 basis point improvement year-over-year and a 70 basis point increase from the prior quarter. Operating expenses rose to $539 million under GAAP, up 15% compared to the same period last year and 10% sequentially. Non-GAAP operating expenses were $445 million, an increase of 6% year-over-year and 3% quarter-over-quarter. GAAP operating profit was $252 million, up 9% year-over-year and 3% from the previous quarter. Non-GAAP operating profit reached $356 million, a 26% increase year-over-year and 16% quarter-over-quarter. GAAP net income was $207 million, up 7% year-over-year but down 16% from the previous quarter. Non-GAAP net income climbed to $297 million, representing a 23% year-over-year growth and a 16% increase from the prior quarter. GAAP diluted earnings per share were $0.35, flat year-over-year but down 20% from the previous quarter. Non-GAAP diluted earnings per share rose to $0.52, up 21% year-over-year and 13% quarter-over-quarter. For the full fiscal year 2016, NVIDIA generated $5.01 billion in revenue, a 7% increase compared to $4.682 billion in the previous year. GAAP gross margin improved to 56.1%, up 60 basis points year-over-year, while non-GAAP gross margin reached 56.8%, up 100 basis points. Operating expenses under GAAP rose to $2.064 billion, a 11% increase year-over-year, while non-GAAP operating expenses grew to $1.721 billion, up 4%. GAAP operating profit declined slightly to $747 million, a 2% decrease from the previous year, while non-GAAP operating profit surged to $1.125 billion, up 18%. GAAP net income fell to $614 million, down 3% year-over-year, while non-GAAP net income reached $929 million, up 16%. GAAP diluted earnings per share were $1.08, down 4% year-over-year, while non-GAAP diluted earnings per share increased to $1.67, up 18%. In the fourth quarter, NVIDIA returned $62 million to shareholders through dividends and repurchased 4.3 million shares. For fiscal 2016, the company returned a total of $800 million to shareholders. In fiscal 2017, NVIDIA plans to return approximately $1 billion through dividends and share repurchases. The next dividend of $0.115 per share will be paid on March 23, 2016, with a record date of March 2, 2016. Looking ahead, NVIDIA expects first-quarter revenue for fiscal 2017 to be around $1.26 billion, with a range of ±2%. The GAAP gross margin is projected at 57.2%, while non-GAAP gross margin is expected to be 57.5%. GAAP operating expenses are estimated at $500 million, and non-GAAP operating expenses at $445 million. The effective tax rate is anticipated to be around 19% for both GAAP and non-GAAP, with a 1% difference. Capital expenditures are expected to fall between $35 million and $45 million.

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