HP Posts Q1 2013 Earnings: Revenue $28.4 Billion, EPS $0.63

Posted on Feb 22 2013 - 2:37am by Editorial Staff
Hewlett-Packard

Hewlett-Packard

Hewlett-Packard today announced its first quarter 2013 earnings. The company reported the non-GAAP diluted earnings per share of $0.82, down 11% from the prior year while GAAP diluted earnings per share of $0.63, down 14% from the prior year. The company reported the net revenue of $28.4 billion, down 6% year over year.

“We beat our non-GAAP diluted EPS outlook for the quarter by $0.11 per share, driven by improved execution, improvement in our channel and go-to-market efforts and the impact of the restructuring program we announced in May 2012,” said Meg Whitman, HP president and chief executive officer. “While there’s still a lot of work to do to generate the kind of growth we want to see, our turnaround is starting to gain traction as a result of the actions we took in 2012 to lay the foundation for HP’s future.”

For the second quarter of fiscal 2013, HP estimates non-GAAP diluted EPS to be in the range of $0.80 to $0.82 while GAAP diluted EPS to be in the range of $0.38 to $0.40. On counting for the full year fiscal 2013, HP estimates a non-GAAP diluted EPS to be in the range of $3.40 to $3.60 and GAAP diluted EPS to be in the range of $2.30 to $2.50.

First Quarter Fiscal 2013 Segment Results:

  • Personal Systems revenue was down 8% year over year with a 2.7% operating margin.
  • Printing revenue declined 5% year over year with a strong operating margin of 16.1%.
  • Enterprise Group revenue declined 4% year over year with a 15.5% operating margin.
  • Enterprise Services revenue declined 7% year over year with a 1.3% operating margin.
  • Software revenue was down 2% year over year with a 17.0% operating margin.
  • HP Financial Services revenue grew 1% year over year as a 1% increase in net portfolio assets was offset by a 25% decrease in financing volume. The business delivered a 10.6% operating margin.
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