NEW YORK ( TheStreet) -- Through no fault of its own, Lenovo (LNVGY) is still far from being a household name in the U.S. despite having established a strong international presence on the strength of historically solid execution.While Lenovo falls short in sex appeal compared to Apple (AAPL) and Google (GOOG), this company is second to none in terms of efficiency and maximizing capital deployments.
Despite Lenovo's reputation for strong performance, not much was expected heading into this quarter. Not only did IDC recently report a 14% drop in global PC shipments given the fact that HP and Dell reported revenue declines of 10% and 2% respectively, but the market was expecting unassuming results from Lenovo. But Lenovo had other ideas. The company earned $126.9 million in net income. Not only did this beat Street estimates of $110 million but the 90% year-over-year profit surge (up from $66.8 million) was the fastest performance for Lenovo over the past seven quarters. This made me question how the Street could cheer HP's 31% decline in GAAP earnings per share. On the revenue front. Lenovo's 4% growth really stood out. I will admit that this was not up to the company's usual standards (up 12% last quarter). But Michael Dell and Meg Whitman would have done cartwheels if Dell and HP could yield half of that performance. Besides, the revenue results were still enough to help Lenovo acquire an additional 3% in global PC market share.