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Big Blue (IBM) is Big Green After Strong Q1 Results and Guidance

April 19, 2011 4:33 PM EDT Send to a Friend
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Shares of IBM (NYSE: IBM) are volatile in after-hours action Tuesday after reporting better-than-expected first-quarter results.

The computing giant said operating earnings rose 21 percent to $2.41 per share. This easily topped the consensus estimate of $2.30.

Revenue for the quarter rose 8 percent (5 percent, adjusting for currency) to $24.6 billion, also beating the consensus estimate of $24 billion.

The Americas' first-quarter revenue was $10.3 billion, an increase of 9 percent from last year. Revenue from Europe/Middle East/Africa was $7.8 billion, up 3 percent. Asia-Pacific sales increased 12 percent to $5.9 billion. OEM sales were $600 million, up 13 percent. Revenue in the BRIC countries increased 26 percent.

IBM also pleased investors by raising its full-year 2011 EPS guidance from "at least" $13.00 to "at least" $13.15. The consensus is $13.08.

"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."

After initially trading higher on the strong report, IBM shares are now down more than 1 percent from the close.




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