HP Meets Wall Street Expectations

Hewlett-Packard

Thompson First Call consensus for the third fiscal quarter ended July 31 was $16.8 billion in revenue and earnings of 14 cents per share, excluding extraordinary items.

HP hit the earnings target from operations of 14 cents, but with extraordinary items of $1.6 billion for restructuring and $1.4 billion for merger-related charges, the company lost 67 cents per share for the period.

"Throughout our first 100 days, we've kept our eye on the ball," Carly Fiorina, HP chairman and CEO, said in a statement. "We're hitting all our integration milestones and are on track to meet our second-half targets. The top 50 contracts we won in the quarter totaled $2 billion in new long-term revenue, and we exit the quarter with almost $12 billion in cash and equivalents. While we have more work ahead, given the tough economy and a major integration, we've accomplished a great deal."

HP President Michael Capellas said in a statement that the company had delivered product road maps, established a management structure and has sales teams in place in every region.

id
unit-1659132512259
type
Sponsored post

Channel executives, however, have complained that HP is behind in articulating and implementing its channel strategy. "Every day that passes without knowing [specifics of its new channel program, it grows more frustrating," said Mike Grainger, president and COO of Ingram Micro.