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$SJM 1Q16 Call: We ended the quarter with commercial paper borrowings of $303MM and long-term debt of $5.7Bil, for combined total debt of $6Bil. Based on our projected fiscal 2016 EBITDA of nearly $1.6bil, our leverage stands at 3.8 times. Free cash flow was $252MM for the quarter.
Apple ($AAPL) reported decline in sales and profits from comparable quarter last year, attributing the decline to announcement of iPhone 7/7s. Sales and profit are being guided higher for next quarter. Apple is a solid company and will continue to dominate tech and consumer electronics segment for a while. Personally, looks like there is little downside in this investment.
Waiting with fingers crossed for $AAPL’s fourth quarter earnings.
Looking ahead to $AAPL earnings release later in the afternoon today? Gene Munster, analyst from Piper Jaffrey and the most respected authority for Apple, had this to say - "The second and slightly larger group of investors believe the tail of the iPhone 7 is irrelevant, and is betting that the iPhone 10th Anniversary will yield a jump in growth from flat to up ~15%."