IBM (IBM) Tops Q2 EPS by 14c, Sales Light
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EPS Growth %: +23.5%
Financial Fact:
Research, development and engineering: 1.4B
Today's EPS Names:
DGICA, UXIN, TOWN, More
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(Updated - July 17, 2013 4:12 PM EDT)
IBM (NYSE: IBM) reported Q2 EPS of $3.91, $0.14 better than the analyst estimate of $3.77. Revenue for the quarter came fell 3% to $24.9 billion versus the consensus estimate of $25.39 billion.
"In the second quarter, we delivered strong performance in our higher-value software and mainframe businesses and again significantly increased our services backlog on growth in new business," said Ginni Rometty, IBM chairman, president and chief executive officer.
"Going forward, we will continue investing in our strategic growth initiatives, acquiring and divesting capabilities, re-balancing skills and taking action in the areas that are not performing. We expect continued improvement through the second half of the year and remain confident that we will achieve our increased 2013 operating EPS expectation of at least $16.90, excluding the $1 billion workforce rebalancing charge in the second quarter."
The company said that a substantial second-half gain that it was expecting in its prior view of earnings per share will not likely be achieved the end of 2013. As a result, the company updated its prior full-year EPS expectations, including the impact of a second-quarter $1 billion workforce rebalancing charge, to at least $16.25, with the net impact of $0.45 driven by the elongated discussions for its larger divestiture project. IBM’s full-year 2013 EPS expectations are as follows:
Full-year GAAP diluted earnings per share expectations are at least $15.08. Operating (non-GAAP) diluted earnings per share expectations are being raised to at least $16.90, excluding the second-quarter $1 billion workforce rebalancing charge. Operating (non-GAAP) earnings per share expectations are at least $16.25, including the second-quarter $1 billion workforce rebalancing charge.
The 2013 operating (non-GAAP) earnings expectations exclude $1.17 per share of charges for amortization of purchased intangible assets, other acquisition-related charges, and retirement-related charges.
The Street is looking for non-GAAP EPS of $16.64 for the year.
For earnings history and earnings-related data on IBM (IBM) click here.
IBM (NYSE: IBM) reported Q2 EPS of $3.91, $0.14 better than the analyst estimate of $3.77. Revenue for the quarter came fell 3% to $24.9 billion versus the consensus estimate of $25.39 billion.
"In the second quarter, we delivered strong performance in our higher-value software and mainframe businesses and again significantly increased our services backlog on growth in new business," said Ginni Rometty, IBM chairman, president and chief executive officer.
"Going forward, we will continue investing in our strategic growth initiatives, acquiring and divesting capabilities, re-balancing skills and taking action in the areas that are not performing. We expect continued improvement through the second half of the year and remain confident that we will achieve our increased 2013 operating EPS expectation of at least $16.90, excluding the $1 billion workforce rebalancing charge in the second quarter."
The company said that a substantial second-half gain that it was expecting in its prior view of earnings per share will not likely be achieved the end of 2013. As a result, the company updated its prior full-year EPS expectations, including the impact of a second-quarter $1 billion workforce rebalancing charge, to at least $16.25, with the net impact of $0.45 driven by the elongated discussions for its larger divestiture project. IBM’s full-year 2013 EPS expectations are as follows:
Full-year GAAP diluted earnings per share expectations are at least $15.08. Operating (non-GAAP) diluted earnings per share expectations are being raised to at least $16.90, excluding the second-quarter $1 billion workforce rebalancing charge. Operating (non-GAAP) earnings per share expectations are at least $16.25, including the second-quarter $1 billion workforce rebalancing charge.
The 2013 operating (non-GAAP) earnings expectations exclude $1.17 per share of charges for amortization of purchased intangible assets, other acquisition-related charges, and retirement-related charges.
The Street is looking for non-GAAP EPS of $16.64 for the year.
For earnings history and earnings-related data on IBM (IBM) click here.
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