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HP bottom line falls short of expectations
2015-08-21 08:33:00| Telecompaper Headlines
(Telecompaper) HP reported underlying earnings better than expected in its fiscal third quarter to July. Adjusted earnings fell to USD 0.88 per share from USD 0.89 a year ago, less than the company's outlook for USD 0.83-0.87. Net revenue declined 8 percent year-on-year to USD 25.3 billion. Excluding currency effects, revenue was down 2 percent. Reported earnings dropped to USD 0.47 per share from USD 0.52 a year ago, missing HP's outlook of 50-54 cents. The reported result includes after-tax costs of USD 750 million and USD 0.41 per share for the costs of separating the PC business, amortization of intangible assets, impairment of data centre assets and changes for retirement settlement, acquisitions and restructuring. HP CEO Meg Whitman said the company made good progress on its separation plans in the quarter, while the results showed a very strong performance in the Enterprise Group and substantial progress in turning around Enterprise Services. For fiscal Q4, HP forecast adjusted EPS of USD 0.92-0.98 and reported EPS of USD 0.12-0.18. Reported EPS is estimated lower than previously forecast over the full year, at USD 1.87-1.93, down from earlier guidance of USD 2.03-2.23
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Category:Telecommunications
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