NEW YORK ( TheStreet) -- Shares of Cisco (CSCO) were pushing higher in Wednesday's extended session after the Dow component beat Wall Street's expectations for its fourth-quarter results and gave a major boost to its dividend.
The networking giant brought in revenue of $11.7 billion, up from sales of $11.2 billion in the same period last year, and above analysts' estimate of $11.6 billion.
Excluding items, Cisco earned 47 cents a share, compared to 40 cents a share in the prior year's quarter. Analysts surveyed by Thomson Reuters were looking for earnings of 45 cents a share.
"As a result of our strong performance, continued execution on our plan to deliver profitable growth, and commitment to shareholders, for the full fiscal year, we delivered revenue growth of 7% as well as a record year in revenue and earnings per share," explained Cisco CEO John Chambers, in a statement.The company also said it's boosting its quarterly cash dividend by an eye-popping 75%, going to 14 cents a share from a prior payout of 8 cents. "Cisco has the financial strength and flexibility to effectively invest in our business, pursue strategic opportunities, such as acquisitions, as well as return a minimum of 50% of our free cash flow annually through dividends and share repurchases to our shareholders," explained Cisco CFO Frank Calderoni, in a separate statement. For its fiscal first quarter, Cisco expects revenue growth, excluding its NDS acquisition, of 2% to 4% compared to the prior year's quarter. Including NDS, the networker expects first-quarter year-over-year revenue growth of 4% to 6%. Excluding items, Cisco predicts first-quarter earnings of 45 to 47 cents a share. Analysts surveyed by Thomson Reuters were looking for earnings of 46 cents a share. The company's shares rose 5.36% to $18.28 in extended trading. -- Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: firstname.lastname@example.org. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV