IBM income jumps 7% in 2011

Information technology giant IBM said Thursday that its net income jumped seven percent in 2011, driven by surging business in dynamic emerging economies. Net income for the year hit $15.9 billion on revenues of $106.9 billion, also up seven percent for the year. Earnings per share rose 13 percent to $13.06, the ninth straight year EPS scored double-digit growth, said the company, which celebrated its 100th anniversary last year. Fourth-quarter net earnings rose more slowly, up four percent to $5.5 billion on a two percent rise in revenues. "We had a strong fourth-quarter performance, capping a year of record earnings per share, revenue, profit and free cash flow," said IBM president and chief executive Ginni Rometty. "We delivered outstanding results in all four of our strategic initiatives for the quarter and the year, as we continued to realize the benefit of our long-term investments in growth markets, business analytics, Smarter Planet solutions and cloud. "We are well on track toward our long-term roadmap for operating earnings per share of at least $20 in 2015." The company said revenues in the BRIC countries -- Brazil, Russia, India and China -- increased 10 percent, while just three percent in the Americas and one percent in its combine Europe-Middle East-Africa division. For the year company earnings per share rose 11 percent to $4.62. IBM shares closed off 0.3 percent at $180.52 ahead of the earnings announcement Thursday, but surged 2.2 percent in after hours trade.