IBM reaffirms 2009 earnings outlook
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- February
- 26
IBM Corp., the Armonk-based computer services giant whose business has held up better in the recession than many companies, cheered investors today by reaffirming its earnings guidance for 2009.
IBM projected that it expects earnings per share to total at least $9.20 in 2009—- with a relatively flat performance in the first quarter, according to a filing with the U.S. Securities and Exchange Commission.
The forecast matches the guidance that the company gave in January.“Regarding the services business, quarter-to-date the company has had year-to-year growth in signings, with strong double-digit growth in long term signings,” the SEC filing read. “Recognizing that it is still early in the quarter, the company expects double-digit growth in long term signings, and growth in total signings in first quarter 2009.”
IBM, which had a cash balance of nearly $13 billion at the end of last year, said that it is is repurchasing its shares in the open market.
In another development, IBM said it has signed a contract extension to provide information technology services to Primagaz, an energy company in France. Under the five-year extension, Armonk-based IBM will manage data processing systems for Primagaz. Financial terms of the contract were not disclosed.
Shares of IBM rose $2.96 to $88.86 in trading today on the New York Stock Exchange.
This entry was posted
on Thursday, February 26th, 2009 at 3:03 pm by Jay Loomis.
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