Investors will welcome the news that the company has maintained its full-year guidance, calling for adjusted earnings per share of at least $12.80 United States dollars and cash flow of $12 billion USD.
Morgan Stanley said its unchanged $170 price target on IBM reflects lower core IBM growth and peer multiple, offset by faster Red hat growth and lower debt. The company has modernized its entire software portfolio by containerizing middleware and applications to run on all private and public clouds, integrated OpenShift onto IBM Cloud and IBM Z Systems, and introduced consulting and management services for Red Hat technologies, Kavanaugh told investors.
Data source: IBM. YOY = year over year.
ARMONK, N.Y. IBM today announced third-quarter results.
On August 2, 2019, the company updated full-year expectations to reflect the impact of the Red Hat acquisition and related activities.
And the IBM Cloud Paks, the first joint IBM-Red Hat product, "are off to a nice start", Kavanaugh said of the recently released containerized versions of popular middleware on top of OpenShift.
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Currency and divestitures were also an issue.
Red Hat saw 20 percent growth in the third quarter on $371 million in revenue-an acceleration of that business, which grew roughly 15 percent in its final independent quarter.
There was a rise in revenue from the Cloud and Cognitive Software division to $5.28bn, and Business Services a modest rise to $4.1bn.
Systems revenue was $1.5bn, down 14.7 per cent after IBM was only able to get a week of sales for its new z15 mainframe line before the quarter closed. IBM pointed to the suspension of share buybacks, an adjustment to the balance of deferred Red Hat revenue and equity and retention costs. The company suspended its share repurchase programme on 9 July. Since the end of the second quarter, IBM has reduced its total debt by close to $7 billion. "We generated $12.3 billion in free cash flow over the last 12 months and with our disciplined financial management we reduced debt by almost $7 billion in the quarter, while maintaining a strong cash balance". IBM's free cash flow was $1.8 billion. The company expects non-GAAP EPS of at least $12.80, a number that includes certain Red Hat acquisition-related expenses. IBM's free cash flow was $1.8 billion, and the company ended the third quarter with $11.0 billion of cash on hand.
"In the third quarter, as we continued to help clients with their digital reinventions, we grew revenue in our Cloud & Cognitive Software segment and in Global Business Services", said Rometty. "Plus, Systems will nearly assuredly see some uplift in the coming quarters from sales of the new z15 mainframes".