HP Reports Third Quarter 2010 Results

  • Third quarter net revenue of $30.7 billion, up 11.4%, or $3.1 billion, from a year earlier
  • Third quarter GAAP operating profit up 5% to $2.3 billion; GAAP diluted earnings per share of $0.75, up 9% from $0.69 a year earlier
  • Third quarter non-GAAP operating profit up 14% to $3.4 billion; non-GAAP diluted earnings per share of $1.08, up 17% from $0.92 a year earlier
  • Broad-based year-over-year revenue growth driven by ESS at 19%, PSG at 17% and IPG at 9%
  • Record services signings
  • Solid year-over-year revenue growth across all regions

PALO ALTO, Calif. — (BUSINESS WIRE) — August 19, 2010 — HP (NYSE: HPQ) today announced financial results for its third fiscal quarter ended July 31, 2010, with net revenue of $30.7 billion, up 11.4% from a year earlier including a favorable currency benefit of approximately one percentage point.

In the third quarter, GAAP diluted earnings per share (EPS) was $0.75, up from $0.69 in the prior-year period. Non-GAAP diluted EPS was $1.08, up from $0.92 in the prior-year period, including a one-time negative impact of approximately $0.02 per share related to a legal settlement. Non-GAAP financial information excludes after-tax costs of approximately $0.33 per share and $0.23 per share in the third quarter of fiscal 2010 and 2009, respectively, related primarily to the amortization of purchased intangibles, restructuring charges and acquisition-related charges.

“The broad-based strength of HP’s Q3 performance further demonstrates the power of our strategy and the discipline of our execution,” said Cathie Lesjak, HP chief financial officer and interim chief executive officer. "We raised our full-year outlook and are continuing to build momentum in driving out costs, investing for profitable growth and capitalizing on HP’s competitive advantages in the marketplace.”

    Q3 FY10   Q3 FY09   Y/Y
Net revenue ($B)   $30.7   $27.6   11%
GAAP operating margin   7.6%   8.0%   (0.4 pts)
GAAP net earnings ($B)   $1.8   $1.7   6%
GAAP diluted EPS   $0.75   $0.69   9%
Non-GAAP operating margin   11.2%   10.9%   0.3 pts
Non-GAAP net earnings ($B)   $2.6   $2.2   15%
Non-GAAP diluted EPS   $1.08   $0.92   17%

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