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HP quarterly profits beat expectations
2013-02-22 08:15:00| Telecompaper Headlines
(Telecompaper) HP reported adjusted EPS for its fiscal first quarter of USD 0.82, down 11 percent from the prior year, but above its earlier outlook of 68-71 cents. On a reported basis, EPS fell 14 percent to USD 0.63, also better than expected. Revenue for the three months to January declined 6 percent to USD 28.4 billion, led by an 8 percent fall in its Personal Systems business due to the slowdown in the PC market. Printing revenue was down 5 percent, Enterprise equipment revenue fell 4 percent, Enterprise service revenue declined 7 percent, and Software revenue fell 2 percent. Operating cash flow more than doubled compared to a year earlier to USD 2.6 billion, and the company said it devoted USD 1 billion to net debt reduction in the quarter and will continue to focus on improving its balance sheet. For the second quarter, HP forecast adjusted EPS of USD 0.80-0.82 and reported EPS of USD 0.38-0.40, including 42 cents per share of costs for the amortization of purchased intangible assets, restructuring charges and acquisition-related charges. HP maintained its full-year outlook, saying it expects the benefits of the restructuring started last year to accelerate in the course of the year.
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Category:Telecommunications
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