HP Reports Q1 Results
Feb 20, 2004
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Business appliance maker Hewlett Packard (HP) reported financial results for its first fiscal quarter ended Jan. 31, 2004. First quarter revenue was U.S. $19.5 billion, an increase of 9 percent of $17.9 billion in the first quarter of 2003.

During the quarter, revenue in the Americas grew 3 percent year-over-year to $8.4 billion, and represented 43 percent of total revenue. Europe grew 17 percent year-over-year to $8.3 billion, and represented 42 percent of total revenue. Asia Pacific grew 9 percent to $2.1 billion, and represented 11 percent of total revenue. Japan grew 4 percent year-over-year to $777 million, and represented 4 percent of total revenue. On a total company basis, and when adjusted for the effects of currency, first quarter revenues grew 1 percent year-over-year.

Personal systems revenue totaled $6.2 billion in the quarter, up 20 percent from the same period in 2003 and 3 percent sequentially. Units increased 23 percent year-over-year, fueled by notebook growth of 52 percent. On a year-over-year basis, notebook revenue increased 42 percent, desktop revenue increased 11 percent, and handheld devices revenue grew 25 percent.

Imaging and printing posted record first quarter revenue of $5.9 billion, an increase of 6 percent year-over-year. During the first quarter, the segment shipped 14.4 million hardware units, or over 1 million units a week, an increase of 12 percent year-over-year.

Personal LaserJet unit shipments increased 22 percent year-over-year, while color LaserJet units grew 27 percent. Business inkjet shipments increased 28 percent over the prior year period. All-in-one and photo printers shipments grew 84 percent and 41 percent year-over-year, respectively, while digital camera unit shipments increased 42 percent over the prior year period. Digital imaging revenue grew 5 percent year-over-year.

HP said it expects revenues of $19.2 billion to $19.6 billion in its second fiscal quarter of 2004.

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