HP quarterly results better than expected

Nieuws Algemeen Wereld 21 FEB 2014
HP quarterly results better than expected
HP raised its full-year outlook after reporting first-quarter results better than expected. Adjusted EPS for the three months to January rose 10 percent year-on-year to USD 0.90, versus an outlook fo 82-86 cents, and reported EPS increased 17 percent to USD 0.74, better than to 60-64 cents forecast. The company raised its outlook for the full year to the high end of its previous range, at USD 3.60-3.75. 

Revenues for the first quarter were down 1 percent from a year earlier to USD 28.2 billion. Excluding currency effects, sales were flat. The operating margin improved to 7.1 percent from 6.2 a year ago. 

The Personal Systems division recorded revenue up 4 percent, led by notebooks and enterprise demand. The company increased computer sales 6 percent in units, with desktops down 3 percent and notebooks up 5 percent. The Enterprise group posted a 1 percent rise in revenue. Servers revenue was up 6 percent, Storage revenue was flat, Business Critical Systems revenue was down 25 percent, Networking revenue was up 4 percent and Technology Services revenue was down 4 percent. The Enterprise Services unit saw a 7 percent fall in revenue. 

HP generated USD 3.0 billion in cash flow from operations in the first quarter, up 17 percent from the prior-year period. The company finished the quarter with USD 16.4 billion in gross cash. For the fiscal second quarter, HP estimates adjusted EPS at USD 0.85-0.89 and reported EPS of USD 0.62-0.66. 

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