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HP Q4 in Line With Pre-announcement; Repeats Guidance

November 24, 2008
by Eric Savitz
Blogger and Columnist, Barron\'s, Tech Trader Daily

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Eric Savitz

Hewlett-Packard (HPQ) this afternoon reported results for its fiscal fourth quarter ended Oct. 31 that were just as advertised in their pre-announcement last week.

As forecast, the company posted revenue of $33.6 billion in the quarter, with profits of $1.03 a share. The company said revenue ex-EDS grew five percent, or two percent adjusted for currency. Not exactly a huge growth story, and some sectors shrank. Notebook revenue grew 21 percent, but desktop revenue declined two percent. Revenue for the printer group fell one percent, as commercial hardware revenue fell 10 percent and consumer hardware revenue fell 21 percent. Printer units were down eight percent. But operating margins for the group increased to 15.5 percent, from 14.5 percent, which translated into an operating profit increase to $1.2 billion, from $1.1 billion.

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