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IBM Reports 2013 Fourth-Quarter And Full-Year Results

IBM (NYSE:IBM)

Fourth-Quarter 2013:

  • Diluted EPS:
    • GAAP: $5.73, up 12 percent;
    • Operating (non-GAAP): $6.13, up 14 percent;
  • Net income:
    • GAAP: $6.2 billion, up 6 percent;
    • Operating (non-GAAP): $6.6 billion, up 8 percent;
  • Pre-tax income:
    • GAAP: $7.0 billion, down 11 percent;
    • Operating (non-GAAP): $7.4 billion, down 8 percent;
  • Gross profit margin:
    • GAAP: 51.7 percent, down 0.1 points;
    • Operating (non-GAAP): 52.6 percent, up 0.3 points;
  • Revenue of $27.7 billion, down 5 percent, down 3 percent adjusting for currency;
    • Software, Services and Global Financing each grew, adjusting for currency:
      • Software up 3 percent, up 4 percent adjusting for currency;
      • Services down 2 percent, up 1 percent adjusting for currency;
      • Global Financing revenue flat, up 3 percent adjusting for currency;
    • Systems and Technology revenue declined 26 percent, down 25 percent adjusting for currency;
  • Services backlog of $143 billion, up 2 percent, up 5 percent adjusting for currency;
  • Free cash flow of $8.4 billion.

Full-Year 2013:

  • Diluted EPS:
    • GAAP: $14.94, up 4 percent;
    • Operating (non-GAAP): $16.28, up 7 percent;
    • Operating (non-GAAP) excluding second-quarter workforce rebalancing charges, $16.99;
  • Net income:
    • GAAP: $16.5 billion, down 1 percent;
    • Operating (non-GAAP): $18.0 billion, up 2 percent;
  • Pre-tax income:
    • Software, Services and Global Financing each increased segment profit:
      • Software: $11.1 billion, up approximately $300 million;
      • Services: $10.2 billion, up more than $250 million;
      • Global Financing: $2.2 billion, up more than $100 million;
    • Systems and Technology segment profit declined $1.7 billion, to a loss of more than $500 million;
  • Revenue of $99.8 billion, down 5 percent, down 2 percent adjusting for currency;
  • Business Analytics revenue of $15.7 billion, up 9 percent;
  • Smarter Planet revenue up approximately 20 percent;
  • Cloud revenue of $4.4 billion, up 69 percent:
    • Fourth-quarter annual revenue run rate of more than $2 billion delivered as a service;
  • Free cash flow of $15.0 billion.

Full-Year 2014 Expectation:

  • GAAP EPS of at least $17.00. Operating (non-GAAP) EPS of at least $18.00 compared with $16.28 for 2013, an increase of more than 10 percent.

IBM (NYSE:IBM) today announced fourth-quarter 2013 diluted earnings of $5.73 per share, compared with diluted earnings of $5.13 per share in the fourth quarter of 2012, an increase of 12 percent. Operating (non-GAAP) diluted earnings were $6.13 per share, compared with operating diluted earnings of $5.39 per share in the fourth quarter of 2012, an increase of 14 percent.

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