HP reported revenues for its fiscal fourth quarter to October of USD 29.1 billion, down 3 percent from a year earlier. Negative currency effects accounted for 2 percent of the decline. Enterprise services showed the biggest drop, down 9 percent due to a slowdown in outsourcing, while the PC division recorded a 2 percent fall in sales on lower consumer and desktop sales. Enterprise equipment was the only division to grow, up 2 percent on growth in servers and networking equipment.
The group's earnings totaled USD 0.73 per share, reversing a loss of USD 3.49 a year ago. On an adjusted basis excluding restructuring charges, EPS fell 13 percent year-on-year to USD 1.01. Cash flow from operations declined 31 percent to USD 2.8 billion, and the company ended the period with USD 12.5 billion in cash.
Over the full year, HP met its outlook with adjusted EPS of USD 3.56 versus an outlook of USD 3.53-3.57, while revenues fell 7 percent to USD 112.3 billion. Hp CEO Meg Whitman said the company ended the fiscal year "on a high note", showing its recovery was well underway. The company maintained its outlook for adjusted EPS of USD 3.55-3.75 in fiscal 2014. For the first quarter, HP expects a result of 82-86 cents.
