米アマゾン第4四半期は56%の営業増益、時間外で株価急騰 Amazon Rises After Reporting Widening North American Margin

[サンフランシスコ 29日 ロイター] ネット通販世界最大手の米アマゾン・ドット・コム<AMZN.O>が29日発表した第4・四半期決算は、利益率の高い事業が年末商戦で好調に推移したことから、営業利益が前年同期比56%増の4億0500万ドル、売上高が22%増の212億7000万ドルとなった。

決算発表を受け、時間外取引でアマゾン株は11%高の288ドルまで上昇。1月25日につけた284.72ドルを上回り、過去最高値を更新した。

第4・四半期は、クラウド・コンピューティングサービス、ビデオコンテンツ、電子書籍などの分野が好調だったことで利益率が向上。在庫の保管や出荷などを管理する「フルフィルメント・センター」網の拡充で運送費が抑えられたことも好決算に貢献した。

ジェフ・ベゾス最高経営責任者(CEO)は、電子書籍も読めるタブレット端末「キンドル」が今後も高成長が見込める分野と指摘。同事業の伸びは2012年は約70%に達したのに対し、従来の書籍事業の伸びは5%にとどまったことから、「予想されていた変遷が今、起こりつつある」と述べた。

モーニングスターの株式アナリスト、R・J・ホットビー氏は「予想を上回る営業増益となった。アマゾンが中・長期的に事業の拡大で収益を得られるとの強気な見方が強まっている」と述べた。

売上総利益率は24%となり、市場予想の約22%を上回った。エバーコア・パートナーズのケン・セナ氏は「予想を大幅に超え、将来的な利益率向上を占うものだ」としている。

スティフェル・ニコラウスのアナリスト、ジョーダン・ローハン氏によると、アマゾンの北米事業の売上総利益率は約3年ぶりの高水準となった。

アマゾンはネット通販を主な業務としているが、クラウド・コンピューティングやデジタルコンテンツなどの分野にも進出し、他の小売業者にネット上の市場を提供する役割も果たし始めた。

こうした新たな事業が従来のネット通販事業よりも急速に拡大しており、利益率の押し上げに貢献している。
Amazon.com Inc. (AMZN), the world’s largest Internet retailer, rose in late trading after reporting gains in sales and North American operating margin, signs that the company benefited from a jump in online holiday shopping.
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An employee loads a truck with boxes to be shipped at the Amazon.com Inc. distribution center in Phoenix. Photographer: David Paul Morris/Bloomberg
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Jan. 29 (Bloomberg) — Wharton’s Jeremy Siegel discusses Amazon’s fourth-quarter earnings and stock price. He speaks with Adam Johnson and Trish Regan on Bloomberg Television’s “Street Smart.” (Source: Bloomberg)
Fourth-quarter sales climbed 22 percent to $21.3 billion, the Seattle-based company said today in a statement. Analysts on average had projected $22.2 billion, according to data compiled by Bloomberg. Operating margin in North America widened to 5 percent from 2.9 percent a year earlier. Shares rose as much as 12 percent in extended trading.
Chief Executive Officer Jeff Bezos is pumping money into new warehouses, seeking to give consumers a reason to choose Amazon over going to the mall by offering two-day delivery. The company said today it added 20 shipment hubs last year. The wider margins show that investment is starting to pay off, and helping Amazon grab a bigger share of the record $42.3 billion ComScore Inc. (SCOR) estimates was spent online over the holidays.
“If you break apart their businesses, the U.S. is more mature than some of their international markets, where they’re in the very early stages,” said Tom Forte, an analyst at Telsey Advisory Group. “I wouldn’t be surprised if investors are looking at that performance — operating margin in North America — as a sign that, despite the continued rate of investment by the company, there’s an opportunity for margin expansion.”
Amazon shares climbed as high as $290.49 after the report. They had fallen 5.7 percent to $260.35 at the close in New York. The stock jumped 45 percent in 2012.
Operating Income
The operating margin growth in North America was driven in part by an increase in sales by third parties in the fourth quarter. Those sales made up 39 percent of units purchased, compared with 36 percent the year before, Amazon Chief Financial Officer Tom Szkutak said on a conference call. Those purchases boost margins because Amazon collects a commission on any item sold by an outside vendor and books that income as 100 percent profit.
Fourth-quarter operating income rose to $405 million, the company said, compared with an average estimate of $212.1 million. Net income fell to $97 million, or 21 cents a share, from $177 million, or 38 cents, a year earlier, the company said.
Spending on fulfillment jumped 36 percent to $2.26 billion in the fourth quarter, Amazon said. Worldwide operating margin was 1.9 percent, making this the sixth straight period of margins narrower than 2 percent. Operating margin, a measure of profitability, reflects operating income as a percentage of net sales.
First-quarter operating income will range from a loss of $285 million to profit of $65 million, Amazon said. Sales will rise to $15 billion to $16.6 billion, compared with an average analyst estimate of $16.8 billion.
Fulfillment Network
Amazon is the only company “that is able to leverage a global fulfillment network to drive disruption of traditional offline retail sales,” Scott Devitt, an analyst at Morgan Stanley, wrote in a note to clients. “The market is underestimating the long-term international sales opportunity and the cost leverage that will occur as fulfillment investments drive lower unit-variable shipping costs.”
The spending on fulfillment may help Amazon gain share in a worldwide e-commerce market that Devitt estimated will reach $1 trillion by 2016, up from $512 billion last year. By then, Amazon’s share will be 23.5 percent, pushing the company’s total sales to $166 billion, he projected in a Jan. 6 note.

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