IBM Q3 Profit Rises - Quick Facts

(RTTNews) - International Business Machines Corp. (IBM) Wednesday reported third-quarter profit of $4.04 billion or $3.68 per share, up from $3.82 billion or $3.33 per share in the same period last year.

Adjusted earnings for the quarter was $4.4 billion or $3.99 per share. On average, 20 analysts polled by Thomson Reuters expected the company to earn $3.96 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues dropped 4.1 percent to $23.72 billion from $24.75 billion last year. Analysts expected revenues of $24.75 billion.

Expenses for the quarter decreased 1.4 percent to $6.57 billion from $6.66 billion last year. Expense to revenue ratio was 27.7 percent, compared to 26.9 percent last year.

Looking ahead, the company said it is maintaining its full-year 2013 adjusted earnings guidance of at least $16.25; at least $16.90, with earnings of about $15.01 per share. Analysts currently expect the company to report full-year earnings of $16.89 per share on revenues of $102.27 billion.