HP announces fourth-quarter sales increase
Published: 19 Nov 2008 12:11 GMT
HP announced preliminary fourth-quarter results on Monday, saying it pulled in $33.6bn (£22bn) 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 amortisation of purchased intangibles, restructuring, in-process research and development, and other acquisition-related charges of approximately 19 cents per share. Non-adjusted earnings were 84 cents per share.
HP plans to formally announce its quarterly results on 24 November.
Looking ahead, the company said it expects currency exchanges rates to continue to be an issue, hitting revenue by about five percentage points in the first quarter and roughly six to seven percentage points for the full year.
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For the first fiscal quarter of 2009, HP expects to report revenue between $32bn and $32.5bn, and adjusted earnings of between 93 cents and 95 cents per share, or non-adjusted earnings of between 80 cents and 82 cents per share.
For the full fiscal year 2009, HP expects revenue of between $127.5bn and $130bn, and earnings per share of between $3.38 and $3.53, or an adjusted $3.88 to $4.03 per share.
The PC maker is still digesting its May acquisition of business and technology services specialist EDS for $13.9bn. 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," chief executive 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."
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