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HP (NYSE: HPQ) Q1 Revenue Up 3 Percent

May 17, 2011

HP (NYSE: HPQ) reported that net revenue of $31.6 billion was up 3 percent from the prior-year period as reported and up 1 percent when adjusted for the effects of currency. GAAP diluted earnings per sharewas $1.05, up 15 percent from $0.91 in the prior-year period. Non-GAAP diluted EPS was $1.24, up 14 percent from $1.09 in the prior-year period.

Financial highlights for various business segments are:

Personal systems group revenue declined 5 percent year-over-year with a 5.7 percent operating margin. Commercial client revenue growth was 13 percent outpacing consumer client revenue decline of 23 percent in the quarter.

Imaging and printing group revenue grew 5 percent year-over-year with a 17.0 percent operating margin. The group continued to deliver strong performance across the business with share gains in all printing categories and 41 percent year-over-year growth in commercial printer hardware units.

Services revenue grew 2 percent year-over-year with a 15.2 percent operating margin.

Enterprise servers, storage and networking revenue grew 15 percent year over year with a 13.8 percent operating margin.

HP financial services revenue grew 17 percent year-over-year with a 9.4 percent operating margin.

HP software revenue grew 17 percent year-over-year with a 20.2 percent operating margin. Revenue was driven by strong growth in licenses and services of 29 percent and 22 percent, respectively.

HP generated $4.0 billion in cash flow from operations in the second quarter. HP utilized $2.7 billion of cash during the quarter to repurchase approximately 64 million shares of common stock in the open market. HP exited the quarter with $12.8 billion in gross cash.

For the third quarter of fiscal 2011, HP estimates revenue of approximately $31.1 billion to $31.3 billion, GAAP diluted EPS of approximately $0.90, and non-GAAP diluted EPS of approximately $1.08. HP expects full year fiscal 2011 revenue in the range of $129 billion to $130 billion, GAAP diluted EPS of at least $4.27, and non-GAAP diluted EPS of at least $5.

The shares last traded at $39.80 with a 52-week range of $37.32 to $49.39.

source : http://www.istockanalyst.com/finance/story/5156073/hp-nyse-hpq-q1-revenue-up-3-percent


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