IBM Reports 2012 First-Quarter Results

IBM (NYSE: IBM)

• Diluted EPS:
  • GAAP: $2.61, up 13 percent;
  • Operating (non-GAAP): $2.78, up 15 percent;
• Net income:
  • GAAP: $3.1 billion, up 7 percent;
  • Operating (non-GAAP): $3.3 billion, up 9 percent;

• Gross profit margin:
  • GAAP: 45.1 percent, up 0.9 points;
  • Operating (non-GAAP): 45.7 percent, up 1.2 points;

• Revenue: $24.7 billion, flat, up 1 percent adjusting for currency;
• Free cash flow of $1.9 billion, up $1.1 billion;
• Software revenue up 5 percent, 7 percent adjusting for currency;
• Services revenue up 1 percent:
  • Services pre-tax income up 11 percent;
• Services backlog of $139 billion, down 2 percent, up 1 percent adjusting for currency;
• Systems and Technology revenue down 7 percent, 6 percent adjusting for currency;
• Growth markets revenue up 9 percent;
• Business analytics revenue up 14 percent;
• Smarter Planet revenue up more than 25 percent;
• Cloud revenue doubled first-quarter 2011 revenue;
• Full-year 2012 operating (non-GAAP) EPS expectations raised to at least $15.00 from at least $14.85.

IBM (NYSE: IBM) today announced first-quarter 2012 diluted earnings of $2.61 per share, compared with diluted earnings of $2.31 per share in the first quarter of 2011, an increase of 13 percent. Operating (non-GAAP) diluted earnings were $2.78 per share, compared with operating diluted earnings of $2.41 per share in the first quarter of 2011, an increase of 15 percent.

First-quarter net income was $3.1 billion compared with $2.9 billion in the first quarter of 2011, an increase of 7 percent. Operating (non-GAAP) net income was $3.3 billion compared with $3.0 billion in the first quarter of 2011, an increase of 9 percent.

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