EARNINGS REPORTING - surprises, misses & more Message Board

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Non-Tech : EARNINGS REPORTING - surprises, misses & more

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To: 2MAR$ who wrote (694)	7/19/2001 7:51:07 PM
From: 2MAR$	Read Replies (1) of 762

IBM ( $106-$100-$103)IBM Meets Expectations but Outlook Isn't Bullish INTERNATIONAL BUSINESS MACHINES (NYSE:IBM - news) reported second-quarter profits rose 8% on Wednesday, beating Wall Street's expectations as its wide range of products and services buffered it from a downturn in the high-tech economy. ADVERTISEMENT The world's largest computer maker reported net income of $2.0 billion, or $1.15 a share, compared with $1.9 billion, or $1.06 a share a year ago. Chairman and Chief Executive Louis Gerstner said slow spots in the second quarter included the personal-computer and hard-disk-drives businesses. He also cited a slowing of the microelectronics business. ``We also were not immune from some of the problems that affected many of our competitors in the second quarter,'' said Gerstner. ``We saw ongoing weakness in PCs and hard-disk drives, and we continued to be hurt by the negative effects of currency translations.'' ``We expect that these factors will continue to work against us in the second half of the year,'' he added. ``Additionally, we are now seeing signs of slowing in our microelectronics business.'' Analysts polled by Thomson Financial/First Call had a consensus estimate of $1.15 a share, with estimates ranging from $1.08 to $1.22 a share. For the quarter, sales edged down to $21.57 billion from $21.65 billion in the same period a year ago. The stock closed lower on the New York Stock Exchange trade ahead of the earnings report. Shares fell $4.25, or 4%, to $104.28. The Armonk, N.Y.-based company has outperformed the American Stock Exchange hardware index by 45% this year. The hardware index has underperformed the S&P 500 by 10% in the same period.

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