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Wednesday, May 22, 2013
HP's 2Q Earnings Down Again


Hewlett-Packard's earnings keep dipping as the world's largest personal computer maker scrambles to meet the demand for more affordable mobile devices.

According to the company's quarterly earnings report released Wednesday, for the second quarter, net revenue of $27.6 billion was down 10% year over year and down 9% when adjusted for the effects of currency.

"We beat the upper end of our non-GAAP diluted EPS outlook for the quarter by $0.05 per share, driven by better than expected performance in Enterprise Services and Printing, coupled with the accelerated capture of restructuring savings and improvement in our operations," said Meg Whitman, HP president and chief executive officer.

"I am encouraged by our performance in the second quarter, and I feel good about the rest of the year," added Whitman. "As I have said many times before, this is a multi-year journey. We have a long way to go, but we are on track to deliver on our fiscal 2013 non-GAAP diluted earnings per share outlook."

For the third quarter of fiscal 2013, HP estimates non-GAAP diluted EPS to be in the range of $0.84 to $0.87 and GAAP diluted EPS to be in the range of $0.56 to $0.59. Third quarter fiscal 2013 non-GAAP diluted EPS estimates exclude after-tax costs of approximately $0.28 per share, related primarily to the amortization of purchased intangible assets, restructuring charges and acquisition-related charges.

For the full year fiscal 2013, HP estimates non-GAAP diluted EPS to be in the range of $3.50 to $3.60 and GAAP diluted EPS to be in the range of $2.50 to $2.60, in line with HP's previously communicated outlook. Full year fiscal 2013 non-GAAP diluted EPS estimates exclude after-tax costs of approximately $1.00 per share, related primarily to the amortization of purchased intangible assets, restructuring charges and acquisition-related charges.

HP earned $1.1 billion, or 55 cents per share, during its most recently completed quarter.

If not for certain items unrelated to its ongoing business, the company said it would have earned 87 cents per share in its fiscal second quarter.

HP's revenue totaled $27.6 billion.

HP is added to the list of the companies which were slow to respond to the shift and then stumbled trying to catch up with Apple and other manufacturers such as Samsung Electronics that make devices running Google's Android operating system.

HP is now selling tablets running on Android and a recently introduced version of Windows, but it hasn't re-entered the smartphone market yet.

The company's revenue in the PC division that sells PCs fell 20 percent in the latest quarter.

Printers are also falling as services reduce the need for information on paper.


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