HP sees fourth-quarter sales boost

Revenues of the PC maker hit $33.6 billion, with adjusted earnings of $1.03 per share. That's "another solid quarter," CEO Mark Hurd says, as it digests EDS.

Margaret Kane Former Staff writer, CNET News
Margaret is a former news editor for CNET News, based in the Boston bureau.
Margaret Kane
2 min read

Hewlett-Packard announced preliminary fourth-quarter results on Monday, saying it pulled in $33.6 billion in revenue, up 19 percent from the year-ago quarter, or 16 percent when adjusted for currency effects.

The company earned $1.03 per share, excluding after-tax adjustments related to amortization of purchased intangibles, restructuring, in-process research and development, and other acquisition-related charges of approximately 19 cents per share. Nonadjusted earnings were 84 cents per share.

HP plans to formally announce its quarterly results on November 24.

Looking ahead, the company said it expects currency exchanges rates to continue to be an issue, hitting revenue by about 5 percentage points in the first quarter and roughly 6 to 7 percentage points for the full year.

For the first fiscal quarter of 2009, HP expects to report revenue between $32 billion and $32.5 billion, and adjusted earnings of between 93 cents and 95 cents per share, or nonadjusted earnings of between 80 cents and 82 cents per share.

For the full fiscal year 2009, HP expects revenue of between $127.5 billion and $130 billion, and earnings per share of between $3.38 and $3.53, or an adjusted $3.88 to $4.03 per share.

The Silicon Valley PC maker is still digesting its May acquisition of business and technology services specialist EDS for $13.9 billion. But today's numbers presented a spark of hope in what has become an increasingly bleak financial landscape for the tech world.

"HP delivered another solid quarter, as it continues to benefit from its global reach, diverse customer base, broad portfolio, and numerous cost initiatives," CEO Mark Hurd said in a statement. "Our ability to execute in a challenging marketplace differentiates HP, enabling it to increase share, expand earnings, and emerge from the current economic environment as a stronger force."