HP Reports First Quarter 2011 Results

  • First quarter GAAP diluted earnings per share up 26% year over year with non-GAAP diluted earnings per share up 27% and cash flow from operations up 28%
  • First quarter gross margins up 1.5 percentage points year over year to 24.4%
  • Continued strength in commercial hardware, with Enterprise Servers, Storage and Networking revenue up 22% year over year with growth in commercial PC Clients and Printers of 11% and 13%, respectively
  • Raising full year GAAP diluted earnings per share outlook to $4.46 to $4.54 and non-GAAP diluted earnings per share outlook to $5.20 to $5.28

PALO ALTO, Calif. — (BUSINESS WIRE) — February 22, 2011 — HP (NYSE: HPQ) today announced financial results for its first fiscal quarter ended January 31, 2011. Net revenue of $32.3 billion was up 4% from the prior-year period both as reported and in constant currency.

GAAP diluted earnings per share (EPS) was $1.17, up 26% from $0.93 in the prior-year period. Non-GAAP diluted EPS was $1.36, up 27% from $1.07 in the prior-year period. Non-GAAP financial information excludes after-tax costs of approximately $0.19 per share and $0.14 per share in the first quarter of fiscal 2011 and 2010, respectively, related primarily to the amortization of purchased intangibles, restructuring charges and acquisition-related charges. Information about HP’s use of non-GAAP financial information is provided under “Use of non-GAAP financial information” below.

“I’m pleased with our EPS and margin expansion during the quarter. Going forward, we have the opportunity to further capitalize on our customers’ demands for higher value-added solutions,” said Léo Apotheker, HP president and chief executive officer. “HP has a powerful portfolio, including exciting, recently announced cloud and connectivity offerings. We are focused on leveraging these strengths to extend our leadership and accelerate growth.”

 

Q1 FY11

 

Q1 FY10

 

Y/Y

Net revenue ($B) $32.3   $31.2   4%
GAAP operating margin 10.5%   9.6%   0.9 pts
GAAP net earnings ($B) $2.6   $2.3   16%
GAAP diluted EPS $1.17   $0.93   26%
Non-GAAP operating margin 12.4%   11.2%   1.2 pts
Non-GAAP net earnings ($B) $3.0   $2.6   17%
Non-GAAP diluted EPS $1.36   $1.07   27%

1 | 2 | 3 | 4 | 5  Next Page »
Featured Video
Jobs
GIS Specialist for Washington State Department of Natural Resources at Olympia, Washington
Business Development Manager for Berntsen International, Inc. at Madison, Wisconsin
Principal Engineer for Autodesk at San Francisco, California
Senior Principal Software Engineer for Autodesk at San Francisco, California
Mechanical Manufacturing Engineering Manager for Google at Sunnyvale, California
Senior Principal Mechanical Engineer for General Dynamics Mission Systems at Canonsburg, Pennsylvania
Upcoming Events
URISA GIS Leadership Academy at Embassy Suites Fort Worth Downtown 600 Commerce Street Fort Worth, TX - Nov 18 - 22, 2024



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise