Earnings News: International Business Machines Corp (NYSE: IBM)

Category: Companies / Jan 21, 2014 7:37PM EDT

International Business Machines Corp. (NYSE: IBM) on Tuesday reported a fiscal fourth-quarter profit of $6.2 billion, or $5.73 a share, compared with earnings of $5.83 billion, or $5.13 a share, a year-ago. Revenue for the previous quarter came in at $27.7 billion, down from $29.3 billion during the same period in 2012.

Wall Street had forecast IBM to post $5.99 a share on $28.27 billion in sales, according to analysts polled by FactSet.

"We continued to drive strong results across much of our portfolio and again grew earnings per share in 2013. While we made solid progress in businesses that are powering our future, in view of the company’s overall full year results, my senior team and I have recommended that we forgo our personal annual incentive payments for 2013,” said Ginni Rometty, IBM chairman, president and chief executive officer.

Operating (non-GAAP) net income was $6.6 billion compared with $6.1 billion in the fourth quarter of 2012, an increase of 8 percent. Total revenues for the fourth quarter of 2013 of $27.7 billion decreased 5 percent (down 3 percent adjusting for currency) from the fourth quarter of 2012.

On Tuesday, shares of IBM fell 3.09 percent to $182.60.