Wall Street is expecting higher profit for International Business Machines when the company reports its third quarter results on Wednesday, October 16, 2013. The consensus estimate is calling for profit of $3.96 a share, a rise from $3.62 per share a year ago.
The consensus estimate remains unchanged over the past month, but it has increased from three months ago when it was $3.93. Analysts are projecting earnings of $16.87 per share for the fiscal year. Analysts project revenue to fall less than a percent year-over-year to $24.73 billion for the quarter, after being $24.75 billion a year ago. Analysts are expecting revenue to stay flat at $24.73 billion this quarter. For the year, revenue is expected to come in at $102.25 billion.
Over the last four quarters, the company saw a year-over-year drop in revenue by an average of 3%. The biggest fall was in the third quarter, when it fell 5% from the year-earlier quarter.
The company has been profitable for the last eight quarters, but income has been falling for the last four by an average of 3% year-over-year. The hardest-hit quarter was the most recent quarter, which brought a 16% drop.
Earnings estimates provided by Zacks.
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