HP Reports First Quarter 2008 Results


HP estimates FY08 revenue will be approximately $113.5 billion to $114.0 billion.

FY08 GAAP diluted EPS is expected to be in the range of $3.26 to $3.30, and FY08 non-GAAP diluted EPS is expected to be in the range of $3.50 to $3.54. FY08 non-GAAP diluted EPS estimates exclude after-tax costs of approximately $0.24 per share, related primarily to the amortization of purchased intangibles.

More information on HP's quarterly earnings, including additional financial analysis and an earnings overview presentation, is available on HP's Investor Relations website at www.hp.com/investor/home.

More detailed information about the reclassification of HP's Business Intelligence and Information Management businesses from HP Services and ESS to HP Software and the reclassification of revenue among business units within PSG and IPG is included in the tables that follow this release. These reclassifications do not impact HP's previously reported consolidated net revenue, earnings from operations, net earnings or EPS.

HP's Q1 FY08 earnings conference call is accessible via an audio webcast at www.hp.com/investor/q12008webcast.

About HP

HP focuses on simplifying technology experiences for all of its customers - from individual consumers to the largest businesses. With a portfolio that spans printing, personal computing, software, services and IT infrastructure, HP is among the world's largest IT companies, with revenue totaling $107.7 billion for the four fiscal quarters ended Jan. 31, 2008. More information about HP is available at www.hp.com.

Use of non-GAAP financial information

To supplement HP's consolidated condensed financial statements presented on a GAAP basis, HP provides non-GAAP operating profit, non-GAAP operating margin, non-GAAP net earnings, non-GAAP diluted earnings per share and gross cash. HP also provides forecasts of non-GAAP diluted earnings per share. A reconciliation of the adjustments to GAAP results for this quarter and prior periods is included in the tables below. In addition, an explanation of the ways in which HP management uses these non-GAAP measures to evaluate its business, the substance behind HP management's decision to use these non-GAAP measures, the material limitations associated with the use of these non-GAAP measures, the manner in which HP management compensates for those limitations, and the substantive reasons why HP management believes that these non-GAAP measures provide useful information to investors is included under "Use of Non-GAAP Financial Measures" after the tables below. This additional non-GAAP financial information is not meant to be considered in isolation or as a substitute for operating profit, operating margin, net earnings, diluted earnings per share, or cash and cash equivalents prepared in accordance with GAAP.

Forward-looking statements

This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of HP may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to any projections of revenue, margins, expenses, earnings, tax provisions, cash flows, benefit obligations, share repurchases or other financial items; any statements of the plans, strategies, and objectives of management for future operations, including execution of cost reduction programs and restructuring plans; any statements concerning the expected development, performance or market share relating to products or services; any statements regarding pending investigations, claims or disputes; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include macroeconomic and geopolitical trends and events; execution and performance of contracts by suppliers, customers and partners; the challenge of managing asset levels, including inventory; the difficulty of aligning expense levels with revenue changes; assumptions related to pension and other post-retirement costs; expectations and assumptions relating to the execution and timing of cost reduction programs and restructuring plans; the resolution of pending investigations, claims and disputes; and other risks that are described in HP's Annual Report on Form 10-K for the fiscal year ended October 31, 2007 and HP's other filings with the Securities and Exchange Commission. As in prior periods, the financial information set forth in this release, including tax-related items, reflects estimates based on information available at this time. While HP believes these estimates to be meaningful, these amounts could differ materially from actual reported amounts in HP's Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2008. In particular, determining HP's actual tax balances and provisions as of January 31, 2008 requires extensive internal and external review of tax data (including consolidating and reviewing the tax provisions of numerous domestic and foreign entities), which is being completed in the ordinary course of preparing HP's Form 10-Q. HP assumes no obligation and does not intend to update these forward-looking statements.

Note to editors: More news from HP, including links to RSS feeds, is available at www.hp.com/hpinfo/newsroom/.

(C) 2008 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. HP shall not be liable for technical or editorial errors or omissions contained herein.
               HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
            CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
                             (Unaudited)
                (In millions except per share amounts)

                                           Three months ended
                                   -----------------------------------
                                   January 31, October 31, January 31,
                                      2008        2007        2007
                                   ----------- ----------- -----------

Net revenue                        $   28,467  $   28,293  $   25,082

Costs and expenses(a):
    Cost of sales                      21,499      21,304      19,136
    Research and development              898         914         877
    Selling, general and
     administrative                     3,241       3,272       2,908
    Amortization of purchased
     intangible assets                    206         187         201
    In-process research and
     development charges                    -           4         167
    Restructuring                          10         (20)        (41)
    Pension curtailments and
     pension settlements, net               -           -          (9)
                                                  -----------  -----------  -----------
                        Total  costs  and
                          expenses                                    25,854            25,661            23,239
                                                                      -----------  -----------  -----------

Earnings  from  operations                                2,613              2,632              1,843

Interest  and  other,  net                                        72                    67                  121
                                                                      -----------  -----------  -----------

Earnings  before  taxes                                      2,685              2,699              1,964

Provision  for  taxes(b)                                        552                  535                  417
                                                                      -----------  -----------  -----------

Net  earnings                                              $        2,133    $        2,164    $        1,547
                                                                      ===========  ===========  ===========

Net  earnings  per  share:
            Basic                                                $          0.83    $          0.84    $          0.57
            Diluted                                            $          0.80    $          0.81    $          0.55


Cash  dividends  declared  per  share    $          0.16    $                -    $          0.16

Weighted-average  shares  used  to  compute  net  earnings  per  share:
            Basic                                                          2,560              2,576              2,705
            Diluted                                                      2,655              2,678              2,801

(a)  Stock-based  compensation  expense  included  under  SFAS  123(R)  was  as
  follows:
            Cost  of  sales                                $              36    $              40    $              45
            Research  and  development                          20                    18                    19
            Selling,  general  and
              administrative                                          101                  110                    99
                                                                      -----------  -----------  -----------
                            Total  costs  and
                              expenses                        $            157    $            168    $            163

(b)  Tax  benefit  from  stock-based
  compensation                                            $            (47)  $            (54)  $            (48)
 


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