Hewlett-Packard (HPQ) Reports In-Line Q2 EPS of 88c; Guides Q3; Sees Job Cuts Increasing
- Tech shares and flaccid GDP growth push S&P 500 to record
- Private equity firms focused on Hewlett Packard asset sales: sources
- Tesla (TSLA) Gains as Panasonic Seeks to Raise $3.9B for Gigafactory
- Zika-Related Stocks Gain on Florida Mosquito-Borne Zika Cases (CERS) (INO) (XON)
- Herbalife (HLF) Said Considering Stock Buybacks, Other Options to Pressure 'Ack Attack'
(Updated - May 22, 2014 3:58 PM EDT)
(Updated - May 22, 2014 3:33 PM EDT)
Hewlett-Packard Company (NYSE: HPQ) reported Q2 EPS of $0.88, in-line with the analyst estimate of $0.88. Revenue for the quarter came in at $27.3 billion versus the consensus estimate of $27.41 billion.
"With the first half of our fiscal year completed, I'm pleased to report that HP's turnaround remains on track," said Meg Whitman, president and chief executive officer, HP. "With each passing quarter, HP is improving its systems, structures and core go-to-market capabilities. We're gradually shaping HP into a more nimble, lower-cost, more customer- and partner-centric company that can successfully compete across a rapidly changing IT landscape."
In May 2012, HP adopted a multi-year restructuring plan designed to simplify business processes, accelerate innovation, lower costs and deliver better results. HP previously estimated that 34,000 positions would be eliminated in connection with the plan. As HP continues to reengineer the workforce to be more competitive and meet its objectives, the previously estimated number of eliminated positions will increase by between 11,000 to 16,000.
For the fiscal 2014 third quarter, HP estimates non-GAAP diluted net EPS to be in the range of $0.86 to $0.90 and GAAP diluted net EPS to be in the range of $0.59 to $0.63. Fiscal 2014 third quarter non-GAAP diluted net EPS estimates exclude after-tax costs of approximately $0.27 per share, related primarily to the amortization of intangible assets and restructuring charges.
*** Consensus views see Q3 EPS of $0.89 and revenue of $27.1 billion.
For fiscal 2014, HP estimates non-GAAP diluted net EPS to be in the range of $3.63 to $3.75 and GAAP diluted net EPS to be in the range of $2.68 to $2.80. Fiscal 2014 non-GAAP diluted net EPS estimates exclude after-tax costs of approximately $0.95 per share, related primarily to the amortization of intangible assets and restructuring charges.
*** The Street sees FY14 EPS of $3.71 and revenue of $111.2 billion.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- AbbVie (ABBV) Tops Q2 EPS by 6c; Boosts FY16 EPS Outlook
- ExxonMobil (XOM) Misses Q2 EPS Views; Production Light of Expectations
- Belden (BDC) Announces Completion of Conv. Preferred Offering; Trims FY16 adj.-EPS Outlook
Create E-mail Alert Related CategoriesEarnings, Guidance, Hot Corp. News, Hot Earnings, Hot Guidance, Management Comments
Related EntitiesDividend, Layoffs, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!