International Business Machines Corp. reported a fourth-quarter profit of $5.8 billion, or $5.13 a share, on revenue of $29.3 billion
During the same period a year ago, IBM earned $5.5 billion, or $4.62 a share, on $29.48 billion in sales
Excluding one-time times, IBM would have earned $6.1 billion, or $5.39 a share
Analysts surveyed by FactSet had forecast IBM to earn $5.25 a share on $29.12 billion in sales
For its 2013 fiscal year, IBM said its expects to earn at least $16.70 a share excluding one-time items
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International Business Machines Corp.’s fourth-quarter earnings increased 6.3% as the technology heavyweight’s software sales and margins strengthened, though overall revenue declined slightly.
For the new year, IBM projected operating earnings of at least $16.70 a share. Analysts polled by Thomson Reuters most recently predicted $16.63 a share. The company said it is on “well on track” toward its long-term road map for operating earnings of at least $20 in 2015.
IBM has benefited from its push toward higher-margin software and services that command higher fees and prices, while shedding less profitable businesses. However, Big Blue has been pressured by businesses’ weak technology spending, a shortfall that has been worsened by economic uncertainty. IBM’s revenue, which has now declined for three straight quarters, was also hurt by currency headwinds in 2012.
“Our performance in the fourth quarter and for the full year was driven by our strategic growth initiatives — growth markets, analytics, cloud computing, Smarter Planet solutions — which support our continued shift to higher-value businesses,” said IBM Chairman and Chief Executive Ginni Rometty.
IBM has been making heavy investments in emerging markets, which has generally helped boost results in recent periods. In the latest quarter, revenue in IBM’s growth markets — which include Brazil, Russia, India and China — jumped 7%.
Overall, IBM reported a profit of $5.83 billion, or $5.13 a share, up from $5.49 billion or $4.62 a share a year earlier. Operating earnings, which exclude retirement-plan costs and amortization, rose to $5.39 a share from $4.71 a share.
Revenue slipped 0.6% to $29.3 billion, and was flat when adjusted for currency fluctuations.
Analysts most recently predicted earnings of $5.25 a share and revenue of $29.09 billion.
Gross margin widened to 51.8% from 49.9%.
Revenue in IBM’s systems-and-technology unit, which includes its hardware business, edged down 0.7%. The unit has now seen year-over-year revenue declines for five straight quarters.
In the software segment, revenue climbed 3.5%.
Technology services revenue was down 1.6%, while business services revenue declined 3.2%.
Services backlog totaled $140 billion in the latest period, up slightly from $138 billion in the third quarter.
Revenue in the Americas — IBM’s largest market — was flat, or up 1% adjusting for currency impacts. Total sales in Europe, the Middle East and Africa decreased 5%, and were down 3% adjusting for currency. Total revenue in Asia improved 4%, an increase of 5% when adjusted for currency.
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