LONDON, UK / ACCESSWIRE / September 13, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Broadcom Ltd (NASDAQ: AVGO), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=AVGO, following the Company's announcement of its financial results on August 24, 2017, for the third quarter of the fiscal year 2017 (Q3 FY17). The San Jose, California-based Company reported an 18% y-o-y growth in its revenue and positive diluted earnings per share (EPS) for the quarter; outperforming market expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Earnings Reviewed

For the three months ended July 30, 2017, Broadcom reported total GAAP revenue of $4.46 billion; above the $3.79 billion recorded at the end of Q3 FY16. The Company's non-GAAP net revenues were $4.47 billion for Q3 FY17 versus $3.80 billion in Q3 FY16. Non-GAAP net revenues beat market forecasts of $4.46 billion for the reported period.

The chip-maker reported net income attributable to ordinary shares of $481 million, or $1.14 per diluted share, in Q3 FY17 compared to a net loss attributable to ordinary shares of $298 million, or $0.75 loss per diluted share, in Q3 FY16. The Company's net income from continuing operations was $1.87 billion, or $4.10 per diluted share; up from $1.29 billion, or $2.89 per diluted share, in the same quarter of last year. Meanwhile, Wall Street had expected net income from continuing operations of $4.03 per diluted share for Q3 FY17.

Operating Metrics

In the nine months ended July 30, 2017, the Company reported GAAP gross margin of $2.159 billion, or 48.2% of net revenue, compared to $1.78 billion, or 47.0% of net revenue, in Q3 FY16. The Company's gross margin from continuing operations improved to $2.83 billion, or 63.3% of net revenue, during Q3 FY17 from $2.30 billion, or 60.4% of net revenue, in the prior year's comparable quarter.

During the reported quarter, non-GAAP operating expenses came in at $768 million versus $808 million in the last year's corresponding quarter. The Company reported GAAP operating income of $648 million, or 14.5% of net revenues, for Q3 FY17 versus GAAP operating loss of $264 million, or 7.0% of net revenue, in the previous year's comparable quarter. Meanwhile, operating income from continuing operations rose to $2.06 billion, or 46.1% of net revenue, during Q3 FY17, from $1.49 billion, or 39.2% of net revenue, in Q3 FY16.

Segment-Wise

The semiconductor manufacturer's Wired Infrastructure segment's non-GAAP revenue was $2.21 billion, or 50% of the total revenue, compared to $2.07 billion, or 54% of total revenue, in the last year's same quarter. Broadcom's Wireless Communications segment's non-GAAP revenue surged 27% to $1.28 billion, or 29% of the total revenue, in Q3 FY17 from $1.01 billion, or 27% of total revenue, in Q3 FY16.

The Company's quarterly non-GAAP revenues from Enterprise Storage segment surged 39% to close at $735 million, or 16% of total revenue, in Q3 FY16 from $527 million, or 14% of total revenue, in Q3 FY16. Meanwhile, non-GAAP revenue from the Industrial & Other market segment, which contributed 5% of total non-GAAP revenue, grew 18% to $238 million in Q3 FY17 from $202 million in Q3 FY16.

Cash Flow & Balance Sheet

During the third quarter ended July 30, 2017, Broadcom generated $1.66 billion in cash from operations versus $963 million in the third quarter of the fiscal year 2016. The Company spent $255 million as capital expenditure, up from $232 million spent during the previous year's corresponding quarter.

Broadcom had $5.25 billion in cash and cash equivalents as on July 30, 2017, compared to $3.10 billion as on October 30, 2016. Furthermore, the Company's long-term debt increased to $13.57 billion as on July 30, 2017, from $13.19 billion as on October 30, 2016.

Dividend

In its quarterly earnings report the Company's Board of Directors announced a quarterly interim cash dividend payment of $1.02 per ordinary share, which will be payable on September 29, 2017, to shareholders of record as on September 19, 2017.

Outlook

For the fourth quarter ending October 29, 2017, Broadcom expects non-GAAP revenue to be close to $4.80 billion, +/- $75 million. Non-GAAP gross margin is expected to be about 63.0%, +/- 1% for Q4 FY17. The management further anticipates non-GAAP operating expenses to be $780 million during Q4 FY17.

Stock Performance

Broadcom's share price finished yesterday's trading session at $247.14, slightly down 0.24%. A total volume of 1.84 million shares have exchanged hands. The Company's stock price skyrocketed 1.73% in the last three months, 10.16% in the past six months, and 50.26% in the previous twelve months. Additionally, the stock soared 39.81% since the start of the year. Shares of the Company have a PE ratio of 203.07 and have a dividend yield of 1.65%. The stock currently has a market cap of $100.18 billion.

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