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IBM Reports 2012 Fourth-Quarter And Full-Year Results

IBM (NYSE: IBM)

Fourth-Quarter 2012:

  • Diluted EPS:
    • GAAP: $5.13, up 11 percent;
    • Operating (non-GAAP): $5.39, up 14 percent;
  • Net income:
    • GAAP: $5.8 billion, up 6 percent;
    • Operating (non-GAAP): $6.1 billion, up 10 percent;
  • Gross profit margin:
    • GAAP: 51.8 percent, up 1.8 points;
    • Operating (non-GAAP): 52.3 percent, up 2.1 points;
  • Revenue of $29.3 billion, down 1 percent, flat adjusting for currency:
    • Up 1 percent excluding divested RSS business adjusting for currency;
  • Free cash flow of $9.5 billion, up $0.6 billion;
  • Software revenue up 3 percent, up 4 percent adjusting for currency;
  • Services revenue down 2 percent, down 1 percent adjusting for currency;
  • Services backlog of $140 billion, flat, up $1 billion adjusting for currency;
  • Systems and Technology revenue down 1 percent, up 4 percent excluding RSS:
    • System z mainframe up 56 percent.

Full-Year 2012:

  • Diluted EPS, up double-digits for 10th consecutive year:
    • GAAP: $14.37, up 10 percent;
    • Operating (non-GAAP): $15.25, up 13 percent;
  • Net income:
    • GAAP: $16.6 billion, up 5 percent;
    • Operating (non-GAAP): $17.6 billion, up 8 percent;
  • Revenue of $104.5 billion, down 2 percent, flat adjusting for currency;
  • Free cash flow of $18.2 billion, up $1.6 billion;
  • Growth markets revenue up 4 percent, up 7 percent adjusting for currency:
    • BRIC countries up 7 percent, up 12 percent adjusting for currency;
  • Business analytics revenue up 13 percent;
  • Smarter Planet revenue up more than 25 percent;
  • Cloud revenue up 80 percent.

Full-Year 2013 Expectation:

  • GAAP EPS of at least $15.53 and operating (non-GAAP) EPS of at least $16.70.

IBM (NYSE: IBM) today announced fourth-quarter 2012 diluted earnings of $5.13 per share, compared with diluted earnings of $4.62 per share in the fourth quarter of 2011, an increase of 11 percent. Operating (non-GAAP) diluted earnings were $5.39 per share, compared with operating diluted earnings of $4.71 per share in the fourth quarter of 2011, an increase of 14 percent.

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