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Kyndryl Earnings Top Estimates. The Turnaround Is Ahead of Schedule

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The IT infrastructure provider, spun out of IBM two years ago, raised its forecast for full-year 2023 adjusted pretax income.

The IT infrastructure provider Kyndryl celebrated the second anniversary of its spinout from IBM with better-than-expected financial results.For the third quarter, Kyndryl posted revenue of $4.1 billion, about $100 million ahead of the consensus call among analysts tracked by FactSet. Adjusted earnings before interest, taxes, depreciation and amortization, or Ebitda, was $574 million, well above the Street consensus of $487 million.

When Kyndryl was spun out of IBM in 2021, the company told investors it would take a few years for it to return to growth and profitability. But in an interview with Barron’s, CEO Martin Schroeter said the company is ahead of where it had expected to be at this point. Kyndryl is raising its forecast for full-year 2023 adjusted pretax income to at least $140 million, from at least $100 million, while boosting its estimate for adjusted Ebitda margin to 14.5% from 14%.

“The reason we have turned around the business much faster than the sell-side or investors thought is that we are critical to our customers’ success in taking advantage of secular trends. We’re their heart and lungs.”

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