Lenovo Group announced results for its fourth fiscal quarter and full year ended March 31, 2011. Lenovo was the fastest growing of the top five PC manufacturers for the sixth quarter in a row, and for the eighth quarter in a row outgrew the worldwide PC market as a whole.
Lenovo’s continued focus on executing its “protect and attack” strategy across all geographies, customer segments and product lines, resulted in balanced growth throughout the year, leading to a record year-ending double digit market share of 10.2 percent.
During the fourth quarter, Lenovo’s worldwide PC shipments increased 16 percent year-over-year, compared to an overall industry decline of 1.1 percent during the same period.
Consolidated sales for the fourth fiscal quarter grew 13 percent year-over-year to US$4.88 billion. The Company’s operating profit (excluding restructuring costs, one-off items and net other income) for the quarter grew almost 50 percent year-over year to US$69 million. Gross profit margin was at 12.3 percent, an improvement of 1.9 points. For the quarter, Lenovo reported a pre-tax income of US$60 million, triple last year’s figure. Profit attributable to equity holders was US$42 million in the fourth quarter, more than triple last year’s result.
Lenovo fourth fiscal quarter was highlighted by several significant announcements including the formation of the Company’s new Mobile Internet and Digital Home business group responsible for creating mobile-Internet focused devices, including tablets and smartphones, as well as devices for new categories like cloud computing, smart TV and the digital home.
Lenovo will continue to focus on innovation and is introduced Lenovo’s first tablet which is being sold exclusively in China and is the first of several Lenovo tablet products planned for international release late in the year.
