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HP Reports Preliminary Q3 Results
Aug 12, 2004
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Business appliance maker Hewlett Packard (HP) reported preliminary financial results for its third quarter ended July 31, 2004, including third quarter revenue of U.S. $18.9 billion, an increase of 9 percent from $17.3 billion in 2003.

Non-GAAP operating profit was $846 million for the quarter. Non-GAAP diluted earnings per share (EPS) was $0.24 for the quarter, as compared to $0.23 in the prior year period. Non-GAAP diluted EPS and non-GAAP net earnings include a $142 million adjustment on an after-tax basis, or $0.05 per diluted share.

GAAP operating profit for the quarter was $657 million. GAAP diluted EPS was $0.19 per share, up 90 percent from $0.10 in the prior year period.

During the quarter, and on a year-over-year basis, revenue in the Americas grew 4 percent to $8.4 billion, Europe grew 14 percent to $7.5 billion, and Asia Pacific grew 11 percent to $3.0 billion. On a total company basis, and when adjusted for the effects of currency, third quarter revenue grew 5 percent year-over-year.

Personal systems revenue totaled $5.9 billion, an increase of 19 percent year-over-year. Desktop revenue increased 26 percent year-over-year, while notebook revenue grew 12 percent.

The company's imaging and printing segment posted record third quarter revenue of $5.6 billion, up 8 percent year-over-year. During the quarter HP shipped almost 10 million printers, bringing total shipments to approximately 320 million units worldwide. Business hardware grew 8 percent year-over-year. Digital imaging increased 11 percent as strong digital camera unit shipments helped offset an expected decline in scanner market.

HP estimates fourth quarter revenue will be in the range of $21.0 billion to $21.5 billion, and fourth quarter non-GAAP earnings per share will be in the range of $0.35 to $0.39.

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