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Higher Guidance & $142 Billion Backlog Driving IBM (IBM)

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By Jon C. Ogg Updated Published
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International Business Machines Corp. (NYSE: IBM) is out with better-than-expected earnings and the stock is reacting positively.  Big Blue reported earnings at $2.41 EPS non-GAAP ($3.31 GAAP) and its revenues grew 8% (5% adjusted for currency) to $24.61 billion.  Thomson Reuters had non-GAAP estimates at $2.30 EPS and $24.01 billion in revenues.

Gross margins were 44.1%, free cash flow was $800 million, and the company ended the quarter with about $13.2 billion.  IBM is also raising its guidance for 2011 from $13.00 to ‘at least’ $13.15 in non-GAAP earnings on a constant currency basis.  Thomson Reuters had estimates of $13.08.

We are just showing the gains here rather than the raw dollar breakdown.  IBM’s Software revenue was up 10% or 8% adjusted for currency; Systems and Technology revenue was up 19%, or 16% adjusted for currency; System z mainframe sales were up 41%; MIPS rose 34 percent; Services rose by 6%, or 3% currency-adjusted.

IBM posted a whopper of a backlog by saying the services ordered but not yet filled rose $8 billion to $142 billion.

The stock closed down 0.3% at $165.40 and the 52-week range is $116.00 to $167.72.  If the after-hours gain of almost 2% at $168.65 holds, then IBM is at new all-time highs.

JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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