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RBC Capital Markets views IBM's strong Q4 intellectual property income counteracting underlying segment margins weakness

  • Analyst Amit Daryanani: "We would note that IP income was much stronger once again at $500M+ (if this was more normalized at $350M, EPS would be $4.83 vs. street at $4.88). Margins continued to remain challenging exiting the quarter – with corporate level gross-margins down 170bps y/y to 51% and Op margins down 150bps y/y to 22.5%. Overall, we think softness in underlying segment margins was offset by strength in IP income that was ~$150-200M ahead of our and likely investor expectations."
  • IBM (NYSE:IBM-2.61% after hours.
  • Earlier (January 19, 2017): IBM volatile, -1.25% after hours; Q4 results over expectations

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