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Maker of fluid power components $AIT said that FY16 net sales were $2.52Bil vs. $2.75Bil in FY15. Net income was $29.6MM or $0.75 per share vs. $115.5MM or $2.80 per share in FY15. The company generated $160MM in cash from operations, while returning over $80MM to shareholders via dividends and share repurchases.
Apple ($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%."