Networking equipment giant Cisco Systems (NASDAQ:CSCO, news, filings) cruised through its fiscal fourth quarter according to the company's release this afternoon. Revenues of $11.7B and non-GAAP earnings per share of $0.47 were each one notch above analyst expectations. Guidance for their fiscal Q1 wasup although still fairly tame, but the market was just happy to have the good news it got and has responded very positively after hours.
Cisco also said it intends to return more cash to shareholders from here on out. They raised their quarterly dividend 75% to $0.14 per common share, and said that in combination with share repurchases will return a minimum of 50% of their free cash flow. During the quarter, Cisco bought back 108M shares for $1.8B. The company is still sitting on more than $48B in cash, so this isn't going to cramp the company's acquisition style much if at all.
Cisco's restructuring efforts over the past year or two have clearly born some fruit, and the economy didn't hurt much. It still sucks over in Europe, but what else is new.