I.T. giant International Business Machines Corp. (
) late Monday said its first quarter profit rose 13% from last
year, helped by lower costs and higher revenue, beating analyst
The Armonk, NY-based company reported first quarter net income
of $2.6 billion, or $1.97 per share, compared with $2.3 billion, or
$1.70 per share, in the year-ago period. Revenue rose 5% from last
year, to $22.9 billion.
On average, Wall Street analysts expected a smaller profit of
$1.93 per share, on slightly lower revenue of $22.8 billion.
Looking ahead, the company boosted its full-year earnings
forecast to $11.20 per share, which would beat current analyst
estimates for $11.12 per share.
Despite the earnings beat, IBM shares fell $2.42, or -1.8%, in
premarket trading Tuesday.
The Bottom Line
We have been recommending shares of IBM since Sept.16, when the
stock was trading at $119.35. The company has a 1.66% dividend
yield, based on last night's closing stock price of $132.23.
International Business Machines Corp. (
) is a "recommended" dividend stock, holding a Dividend.com DARS™
Rating of 3.5 out of 5 stars.
Be sure to visit our complete recommended list of the
Best Dividend Stocks
, as well as a detailed explanation of
our ratings system here
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