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Updated: 2005-04-15 14:30
 
IBM may restructure after missing outlook
美國太平洋時(shí)區(qū)時(shí)間本周四,IBM公布了遠(yuǎn)低于華爾街預(yù)期的第一季度業(yè)績(jī)。在一份令人驚異的聲明中,IBM 表示,第一季度其日常運(yùn)營業(yè)務(wù)的利潤為14.1億美元,每股收益為85美分。上年同期IBM 的利潤和每股收益分別為13.6億美元和79美分。  

IBM may restructure after missing outlook

 

International Business Machines Corp. further roiled a queasy week on Wall Street with a surprise announcement that its first-quarter earnings fell below analysts' expectations, hurt by an inability to close sales and higher pensions expenses.

In response, the company on Thursday hinted at a "sizable restructuring," with a published report saying IBM will slash thousands of jobs in Europe.

The IBM report, initially slated for Monday, comes at a tough time for investors: The Dow Jones Industrial average hit a five-month low Thursday, while the tech-laden Nasdaq Composite Index dropped to its lowest point in six months.

Investors sent IBM shares down nearly 4 percent in the late trading session Thursday, and were poised for further selling on Friday.

"This quarter did not play out as we expected," said Mark Loughridge, the company's chief financial officer, who said IBM has begun to address weaknesses in sales.

"A couple of those actions may require some sizable restructuring activities, primarily designed to move decision making closer to the customer," he said. Details of the restructuring will come within the next three months, he said.

The Wall Street Journal reported late Thursday that IBM plans to cut several thousand jobs in Europe, citing a person familiar with the matter. The company has told employees that it will close two sites in Germany and five in Sweden and transfer the work to lower-cost operations in Eastern Europe, the newspaper reported.

Analysts' estimates for the second half of the year "remain reasonable," Loughridge said.

The company's first-quarter net income rose 3 percent to $1.40 billion, or 84 cents per share, from $1.36 billion, or 79 cents per share, a year ago. Earnings from continuing operations totaled $1.41 billion, or 85 cents per share, including stock-based compensation expenses.

Analysts surveyed by Thomson Financial were looking for the company to earn 90 cents per share on sales of $23.65 billion.

Revenue grew 3.3 percent to $22.91 billion from $22.18 billion last year, driven by the weak dollar. After adjusting for currency translations, sales increased only 1 percent.

IBM said the quarter was going well until the last two weeks in March, when revenue, especially from small transactions, dropped.

(Agencies)

 

Vocabulary:
 

queasy: feeling nausea; feeling about to vomit(不喜歡的;令人惡心的)

slash: cut with sweeping strokes(猛砍)

 

 
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