IBM Reports Q2 Results Jul 17, 2003

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IBM announced second quarter 2003 diluted earnings per common share of U.S. $0.98 from continuing operations compared with diluted earnings per common share of $0.25 in the same period last year, an increase of 292 percent. Diluted earnings per share grew 10 percent year over year after excluding incremental charges of $1.1 billion after tax, or $0.64 from the year-ago period for 2002 actions. For total operations, net income for the second quarter 2003, including discontinued operations, was $1.7 billion, or $0.97 per diluted common share, compared with second quarter 2002 net income of $56 million which included $1.4 billion in charges after tax associated with second-quarter actions. Revenues from continuing operations for the second quarter were $21.6 billion, up 10 percent (3 percent at constant currency) compared with second quarter 2002 revenues of $19.7 billion.

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