Intel Raises 2019 Guidance; Board Approves $20 Bln Increase In Stock Buyback

(RTTNews) - Intel Corp. (INTC) raised full-year 2019 non-GAAP earnings per share outlook to $4.60. The company increased full-year revenue outlook to $71 billion, up $1.5 billion from July guidance. Analysts polled by Thomson Reuters expect the company to report profit per share of $4.39 on revenue of $69.43 billion. Analysts' estimates typically exclude special items. Third-quarter non-GAAP earnings per share was $1.42, up 1 percent from prior year. On average, 31 analysts polled by Thomson Reuters expected the company to report profit per share of $1.24, for the quarter.

Third-quarter revenue was $19.2 billion, flat with prior year, driven by record data-centric revenue, up 6 percent. Analysts expected revenue of $18.05 billion for the quarter. PC-centric revenue was in-line with expectations, down 5 percent compared to last year.

Intel announced its board has approved a $20 billion increase in its stock repurchase program authorization. In the third quarter, the company generated approximately $10.7 billion in cash from operations, paid dividends of $1.4 billion and used $4.5 billion to repurchase 92 million shares of stock.

Shares of Intel Corp. were up more than 3% after hours.