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Last Updated: Monday, 18 October, 2004, 21:15 GMT 22:15 UK
IBM profit flat on pension case
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IBM remains a heavyweight in the computer industry
Computer giant IBM has posted flat quarterly profits after being weighed down by a pension lawsuit settlement.

The firm, which recently agreed to pay $320m (178m) to older staff adversely affected by a change to its pension, made a third quarter profit of $1.8bn.

This net income figure compares to $1.79bn for the same period in 2003.

IBM said it remained confident about future growth, and its share price rose in after hours trading in New York. Its turnover was up 9% to $23.4bn.

All figures were in line with market expectations.

"IBM has been gaining momentum throughout the year, and the strength of our integrated business model gives us confidence as we look toward 2005," said IBM chairman and chief executive Sam Palmisano.

IBM shares rose in after-hours trade to $86.90, after closing up $1.07 at $85.92 on the New York Stock Exchange.




SEE ALSO:
IBM in $320m pension settlement
30 Sep 04  |  Business
IBM sees profits continue to rise
16 Jul 04  |  Business
IBM buys into Indian outsourcing
07 Apr 04  |  Business
IBM speeds up its recruiting
19 Jan 04  |  Business
IBM's fourth-quarter profit jumps
15 Jan 04  |  Business


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