On Jan. 17, IBM (NYSE:IBM) released Q4 2005 earnings for the period ending Dec. 31, 2005.
- Strong increases in margins across the board.
- Solid working capital management and cash balances.
- Sales softer than analysts had expected.
Figures in millions, except per-share data
Income Statement Highlights
|
Avg. Est. |
Q4 2005 |
Q4 2004 |
% Change | |
|---|---|---|---|---|
|
Sales |
$25,480 |
$24,427 |
$27,671 |
-11.7% |
|
Net Profit |
-- |
$3,187 |
$2,827 |
+12.7% |
|
EPS |
$1.94 |
$1.99 |
$1.67 |
+19.2% |
Get back to basics with a look at the income statement.
Margin Checkup
|
Q4 2005 |
Q4 2004 |
% Change | |
|---|---|---|---|
|
Gross Margin |
44.07% |
38.81% |
+5.26% |
|
Op. Margin |
18.90% |
14.77% |
+4.13% |
|
Net Margin |
13.05% |
10.22% |
+2.83% |
Margins are the earnings engine. See how they work.
Balance Sheet Highlights
|
Assets |
Q4 2005 |
Q4 2004 |
% Change |
|---|---|---|---|
|
Cash + ST Invest. |
$13,686 |
$10,570 |
+29.5% |
|
Inventory |
No Data |
No Data |
No Data |
|
Accounts Rec. |
$31,975 |
$36,573 |
-12.6% |
|
Liabilities |
Q4 2005 |
Q4 2004 |
% Change |
|---|---|---|---|
|
Long-Term Debt |
$15,425 |
$14,828 |
+4.0% |
|
Accounts Pay. |
$27,936 |
$31,687 |
-11.8% |
Cash Flow Highlights
No data provided.
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Related Companies:
- Accenture (NYSE:ACN)
- Hewlett-Packard (NYSE:HPQ)
- Microsoft (NASDAQ:MSFT)
- Red Hat (NASDAQ:RHAT)
- Sun Microsystems (NASDAQ:SUNW)
Related Foolishness:
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At the time of publication, Nathan Parmelee had a position in Microsoft. Fool rules are here .
