HP Reports First Quarter 2009 Results

PALO ALTO, Calif.—(BUSINESS WIRE)—February 18, 2009— HP (NYSE:HPQ) today announced financial results for its first fiscal quarter ended Jan. 31, 2009, with net revenue of $28.8 billion, up 1% from a year earlier and up 4% when adjusted for the effects of currency.

In the first quarter, GAAP operating profit was $2.5 billion and GAAP diluted earnings per share (EPS) was $0.75, down from $0.80 in the prior-year period. Non-GAAP operating profit was $3.1 billion, with non-GAAP diluted EPS of $0.93, up from $0.86 in the prior-year period. Non-GAAP financial information excludes $431 million of adjustments on an after-tax basis, or $0.18 per diluted share, related primarily to amortization of purchased intangible assets, restructuring charges and acquisition-related charges. GAAP and Non-GAAP diluted EPS include $0.03 of charges related to currency hedging losses.

“HP is a market leader executing well in a tough market,” said Mark Hurd, HP chairman and chief executive officer. “Our market strength, disciplined cost management and diverse portfolio allowed us to differentiate HP in the global marketplace and gain share in key markets.”

   

Q1 FY09

 

Q1 FY08

 

Y/ Y

Net revenue($B)

$ 28.8     $ 28.5     1 %
GAAP operating margin   8.7 %     9.2 %   (0.5 pts)

GAAP net earnings($B)

$ 1.9     $ 2.1     -13 %
GAAP diluted EPS $ 0.75     $ 0.80     -6 %
Non-GAAP operating margin   10.8 %     9.9 %   0.9 pts

Non-GAAP net earnings($B)

$ 2.3     $ 2.3     0 %
Non-GAAP diluted EPS $ 0.93     $ 0.86     8 %

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