IBM posts higher 4Q net income, beats estimates

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Associated Press

Posted on January 22, 2013 at 4:01 PM

Updated Tuesday, Jan 22 at 4:02 PM

ARMONK, N.Y. (AP) — IBM says its fourth-quarter earnings grew 6 percent even as revenue was largely flat.

IBM Corp. said Tuesday that it earned $5.83 billion, or $5.13 per share, in the October-December period. That's up from $5.49 billion, or $4.62 per share, in the same period a year earlier.

The results include special items related to acquisitions and a charge IBM took to account for a U.K. court decision that will increase its costs for paying pensions to some of its retired employees.

Excluding these items, adjusted earnings were $5.39 per share in the latest quarter, above estimates of $5.25 per share.

Revenue slid less than 1 percent to $29.3 billion from $29.49 billion.

Analysts polled by FactSet had expected revenue of $29.12 billion.

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