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HP News Desk HP Reports First Quarter 2010 Results
Net revenue of $31.2 billion, up 8% from a year earlier and up 5% when adjusted for the effects of currency
By: Yeshim Deniz
Feb. 17, 2010 05:00 PM
HP on Wednesday announced financial results for its first fiscal quarter ended Jan. 31, 2010, with net revenue of $31.2 billion, up 8% from a year earlier and up 5% when adjusted for the effects of currency. In the first quarter, GAAP diluted earnings per share (EPS) was $0.96, up from $0.75 in the prior-year period. Non-GAAP EPS was $1.10, up from $0.93 in the prior-year period. Non-GAAP financial information excludes after-tax costs of approximately $0.14 per share and $0.18 per share in the first quarter of fiscal 2010 and 2009, respectively, related primarily to the amortization of purchased intangibles, restructuring charges and acquisition-related charges. “HP is well-positioned to outperform the market,” said Mark Hurd, HP chairman and chief executive officer. “The strength of our portfolio, leaner cost structure and accelerating market momentum give us the confidence to raise our full-year outlook.”
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