Microsoft’s stock price may stink but its P&L numbers are pretty much sweet perfume.

In the June quarter, Microsoft’s fiscal fourth quarter and the end of its fiscal year it made $4.52 billion, 51 cents a share, up 48% on record revenues of $16.04 billion, up 22%.

According to Wall Street it was only supposed to do 46 cents on $15.26 billion.

The company can thank the PC upgrade cycle for letting it hold its head up high after Apple’s blowout quarter. PC shipments were up 21% in the June quarter, according to Gartner, although Microsoft thinks it was more like 22%-24%. Its OEM PC licenses were up 26%.

Microsoft said it’s sold 175 million Windows 7 licenses to date and claimed that Bing and Windows Server are gaining share. It said sales of virtualization suites almost doubled.

Chief operating officer Kevin Turner said in a statement that “We saw strong sales execution across all of our businesses, particularly in the enterprise with Windows 7 and Office 2010,” which came out this quarter. He said Microsoft’s transition to the cloud was well underway.

Windows and Windows Live, was up 43.5% to $4.548 billion. Server and Tools was up 13.7% to $4.012 billion. Online Services was up 12.8% to $565 million but lost $696 million. The Office-selling Business Division was up 15% to $5.25 billion in revenue with 51% consumer growth and 8% business growth. Entertainment and Devices was up 27.3% to $1.6 billion and lost $172 million. Every unit was up in the double-digits.

For the year, Microsoft did record revenues of $62.48 billion, up 7%, earning $18.76 billion, or $2.10 a share, up 29%

Since Microsoft no longer provides guidance followers have to be content with its projected opex numbers for fiscal 2011: $26.9 billion-$27.3 billion, down from its March forecast of $27 billion-$27.5 billion. It issued generic guidance like predicting Windows would be in line with the market.

It has $36.8 billion in the bank.