Apple CFO says capital returns will rise if cash repatriation rate is lowered – Financial Times (Feb 14, 2017)

Apple CFO Luca Maestri spoke at the Goldman Sachs conference today, and although the audio quality of the broadcast was miserable, the FT seems to have been able to pick out the best bits. Two specific ones are detailed here – firstly, Apple still hopes to be able to repatriate more cash soon following a change in US tax policy, and secondly, it remains skeptical about more manufacturing in the US. On the former point, it sounds like Apple’s main focus for the repatriated cash would be increasing returns to shareholders and not big acquisitions – that’s not altogether surprising because it’s in keeping with past strategy, but there has been a rising chorus of voices saying that the returns to shareholders don’t seem to be having the desired effect on the share price. The US manufacturing comments also aren’t surprising – everything we’ve heard on this point as it regards Apple specifically has come from others – Donald Trump, Foxconn, and so on – not Apple itself. And certainly manufacturing any kind of high scale product like iPhones in the US would be almost impossible given the lack of appropriate infrastructure here.

via Financial Times


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