IBM 4Q 2011 And Full Year Earnings, Diluted EPS Up $4.71 (11%)

I was on an airplane back from attending Lotusphere in Orlando when the IBM earnings hit, so here’s the quick top line

The headline: Systems and Technology Group reported an 8% decline in revenue, but IBM Software segment revenue was up 9%.  Technology and business services (GBS) both rose 3%, and revenue in the BRICs grew 7% as reported. Revenue in the Americas was up 3%, while in EMEA growth was at 1% and Asia at 2%.

• Diluted EPS:
  • GAAP: $4.62, up 11 percent;
  • Operating (non-GAAP): $4.71, up 11 percent;
• Net income:
  • GAAP: $5.5 billion, up 4 percent;
  • Operating (non-GAAP): $5.6 billion, up 5 percent;
• Gross profit margin:
  • GAAP: 49.9 percent, up 0.9 points;
  • Operating (non-GAAP): 50.2 percent, up 1.1 points;

• Revenue of $29.5 billion, up 2 percent as reported, 1 percent adjusting for currency;
• Software revenue up 9 percent;
• Global Technology Services revenue up 3 percent;
• Global Business Services revenue up 3 percent, 2 percent adjusting for currency;
• Services backlog of $141 billion, up $4 billion as reported, up $5 billion adjusting for currency, quarter to quarter;
• Systems and Technology revenue down 8 percent.

Full-Year 2011:

• Diluted EPS, up double-digits for 9th consecutive year;
  • GAAP: $13.06, up 13 percent;
  • Operating (non-GAAP): $13.44, up 15 percent;

• Net income:
  • GAAP: $15.9 billion, up 7 percent;
  • Operating (non-GAAP): $16.3 billion, up 9 percent;

• Revenue of $106.9 billion, up 7 percent, up 3 percent adjusting for currency;
• Free cash flow of $16.6 billion, up $300 million;
• Growth markets revenue up 16 percent, up 11 percent adjusting for currency;
• Business analytics revenue up 16 percent;
• Smarter Planet revenue up 47 percent;
• Cloud revenue more than tripled 2010 revenue.