IBM Rises on Strong Earnings Report

Technology leader IBM

released its fiscal fourth-quarter earnings results on Thursday after the closing bell. The company reported net income of $5.5 billion or $4.62 per share, versus $5.3 billion or $4.18 per share in last year's corresponding quarter. On a non-GAAP basis, which is comparable to analysts' consensus, IBM reported net income for the quarter of $5.6 billion or $4.71 per share, compared to $5.4 billion or $4.25 per share, in the year ago period. This came in ahead of Street consensus EPS estimates of $4.62. Net revenues at the company came in at $29.49 billion which was a 1.6% increase over the $29.02 billion that IBM reported in last year's fiscal fourth quarter. Wall Street analysts had consensus revenue estimates of $29.71 billion heading into the report. Looking ahead, IBM is forecasting operating net earnings of at least $14.85 per share for fiscal 2012. Analysts currently have consensus EPS estimates of $14.82 for the fiscal year. In the after hours trading session, IBM shares have risen 2.56% to $185.15.