Hewlett-Packard today announced financial results for its third fiscal quarter ended July 31, 2012. For the quarter, net revenue of $29.7 billion was down 5% year over year and down 2% when adjusted for the effects of currency. GAAP loss per share was $4.49, down from earnings per share (EPS) of $0.93 in the prior-year period. Non-GAAP diluted EPS was $1.00, down 9% from the prior-year period.
“HP is still in the early stages of a multi-year turnaround, and we’re making decent progress despite the headwinds,” said Meg Whitman, HP president and chief executive officer. “During the quarter we took important steps to focus on strategic priorities, manage costs, drive needed organizational change, and improve the balance sheet. We continue to deliver on what we say we will do.”
For fiscal 2012, HP now estimates non-GAAP diluted EPS to be in the range of $4.05 to $4.07 while GAAP loss per share to be in the range of $2.23 to $2.25.
Q3 2012 Business Highlights:
- Personal Systems Group (PSG) revenue was down 10% year over year with a 4.7% operating margin.
- Imaging and Printing Group (IPG) revenue declined 3% year over year with a 15.8% operating margin.
- Services revenue declined 3% year over year with an 11.0% operating margin.
- Enterprise Servers, Storage and Networking (ESSN) revenue declined 4% year over year with a 10.9% operating margin.
- Software revenue grew 18% year over year with an 18.0% operating margin, including the results of Autonomy.
- HP Financial Services revenue was flat year over year as the 2% increase in net portfolio assets was offset by a 2% decrease in financing volume.