HP Reports Second Quarter 2009 Results

PALO ALTO, Calif. — (BUSINESS WIRE) — May 19, 2009 HP (NYSE: HPQ) today announced financial results for its second fiscal quarter ended April 30, 2009, with net revenue of $27.4 billion, down 3% from a year earlier and up 3% when adjusted for the effects of currency.

In the second quarter, GAAP operating profit was $2.3 billion and GAAP diluted earnings per share (EPS) was $0.70, down from $0.80 in the prior-year period. Non-GAAP operating profit was $2.8 billion, with non-GAAP diluted EPS of $0.86, down from $0.87 in the prior-year period. Non-GAAP financial information excludes $382 million of adjustments on an after-tax basis, or $0.16 per diluted share, related primarily to amortization of purchased intangible assets, restructuring charges and acquisition-related charges.

“Disciplined focus on operational efficiencies and execution drove record cash flow,” said Mark Hurd, HP chairman and chief executive officer. “Our services business continued to deliver strong profitability with an increased deal pipeline and the EDS integration tracking ahead of schedule.”

      Q2 FY09   Q2 FY08   Y/Y
Net revenue ($B) $ 27.4 $ 28.3 -3%
GAAP operating margin   8.4%   9.2% (0.8 pts)
GAAP net earnings ($B) $ 1.7 $ 2.1 -17%
GAAP diluted EPS $ 0.70 $ 0.80 -13%
Non-GAAP operating margin   10.4%   10.0% 0.4 pts
Non-GAAP net earnings ($B) $ 2.1 $ 2.2 -6%
Non-GAAP diluted EPS $ 0.86 $ 0.87 -1%

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