IBM beats by $0.13, misses on revs; guides FY14 EPS in-line
Reports Q4 (Dec) earnings of $6.13 per share, $0.13 better than the Capital IQ Consensus Estimate of $6.00; revenues fell 5.5% year/year to $27.7 bln vs the $28.29 bln consensus.
Co issues in-line guidance for FY14, sees EPS of at least $18.00 vs. $18.01 Capital IQ Consensus Estimate.
Reaffirms 2015 roadmap for operating EPS of at least $20.
Software, Services and Global Financing each grew, adjusting for currency:
Software up 3 percent, up 4 percent adjusting for currency;
Services down 2 percent, up 1 percent adjusting for currency;
Global Financing revenue flat, up 3 percent adjusting for currency;
Systems and Technology revenue declined 26 percent, down 25 percent adjusting for currency;
Services backlog of $143 billion, up 2 percent, up 5 percent adjusting for currency;
"As we enter 2014, we will continue to transform our business and invest aggressively in the areas that will drive growth and higher value."
"We remain on track toward our 2015 roadmap for operating EPS of at least $20, a step in our long-term strategy of industry leadership and continuous transformation."
The company's total gross profit margin was 51.7 percent in the 2013 fourth quarter compared with 51.8 percent in the 2012 fourth-quarter period.
Total operating (non-GAAP) gross profit margin was 52.6 percent in the 2013 fourth quarter compared with 52.3 percent in the 2012 fourth-quarter period, driven by an increase in Services and a mix to Software.