IBM shows slight rise in revenues

International Business Machines Corp. reported a small gain in third-quarter profits Monday, as increasing revenues in almost every area of the business, including emerging markets such as Russia and China, helped offset expenses from a pension lawsuit.

For the three months ending Sept. 30, IBM earned $1.80 billion, or $1.06 per share, compared to $1.79 billion, or $1.02 a share, at the same time a year ago.

Excluding a charge of $320 million related to a pension lawsuit filed by retirees, the company earned $2 billion, or $1.17 per share. Analysts surveyed by Thomson First Call had predicted $1.14 per share.

Portions of that retiree lawsuit are still unresolved, and the company said in September, when it announced the $320 million charge, that it could face additional payments.

The results were announced after the markets closed. IBM shares had ended the regular trading session up $1.07, or 1.3 percent, at $85.92 on the New York Stock Exchange. In the extended session, the shares rose another $1.45.

Third-quarter revenues were $23.43 billion, compared to $21.52 billion for the same period last year.

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The company said revenue from emerging markets, such as Brazil, China, India and Russia grew 30 percent. By contrast, revenues in the Americas were up 8 percent, while Europe/Middle East/Africa region was flat adjusting for currency.

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Overall hardware revenues were up 12 percent, or 9 percent adjusting for currency, to $7.5 billion. Software revenues were up 5 percent, or 1 percent adjusting for currency, to $3.6 billion.

IBM's global financing revenues declined by 11 percent.

Year-to-date, IBM has earned $5.39 billion, or $3.14 per share, on revenues of $68.83 billion. A year ago, the company had earned $4.87 billion, or $2.77 per share, on revenues of $63.22 billion.