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IBM increases revenue, earnings

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IBM has announced first-quarter 2011 diluted earnings of $2.31 per share, compared with diluted earnings of $1.97 per share in the first quarter of 2010, an increase of 17%.

Operating (non-GAAP) diluted earnings were $2.41 per share, compared with operating diluted earnings of $2.00 per share in the first quarter of 2010, an increase of 21%.
First-quarter net income was $2,9-billion compared with $2,6-billion in the first quarter of 2010, an increase of 10%.  Operating (non-GAAP) net income was $3-billion compared with $2,6-billion in the first quarter of 2010, an increase of 13%.
Total revenues for the first quarter of 2011 of $24,6-billion increased 8% (5%, adjusting for currency) from the first quarter of 2010.
“We delivered a strong first quarter with revenue growth across hardware, software and services and with more than 40 countries growing in double digits.  We continued to see excellent momentum in our growth initiatives – smarter planet, cloud, business analytics, and growth markets – which bring together the full value of the IBM  portfolio," said Samuel Palmisano, IBM chairman, president and CEO.  "We achieved broad-based margin improvement, while our cash flow and strong financial position enabled us to continue to return value to our shareholders.
"On the strength of this performance, we are raising our full-year 2011 operating earnings per share expectations to at least $13.15.”
IBM raised its expectations for full-year 2011 GAAP diluted earnings per share to at least $12.73 from at least $12.56; and operating (non-GAAP) diluted earnings per share to at least $13.15 from at least $13.00.  The 2011 operating (non-GAAP) earnings exclude $0.42 per share of charges for amortization of purchased intangible assets, other acquisition-related charges, and retirement-related charges driven by changes to plan assets and liabilities primarily related to market performance.
The Americas’ first-quarter revenues were $10,3-billion, an increase of 9% (8%, adjusting for currency) from the 2010 period.  Revenues from Europe/Middle East/Africa were $7,8-billion, up 3% (2%, adjusting for currency).  Asia-Pacific revenues increased 12% (4%, adjusting for currency) to $5,9-billion.  OEM revenues were $600-million, up 13% compared with the 2010 first quarter.
Revenues from the company’s growth markets increased 18% (12%, adjusting for currency).  Revenues in the BRIC countries – Brazil, Russia, India and China – increased 26% (22%, adjusting for currency).  Growth markets revenue represents 21% of IBM’s total geographic revenue for the first quarter.