HP Reports Fourth Quarter and Full Year 2012 Results

PALO ALTO, CA -- (Marketwire) -- Nov 20, 2012 -- HP (NYSE: HPQ)

  • Full year fiscal 2012 non-GAAP diluted earnings per share of $4.05, within the previously provided outlook of $4.05 to $4.07
  • Full year fiscal 2012 GAAP loss per share of $6.41
  • Full year fiscal 2012 net revenue of $120.4 billion, down 5% from the prior-year period and down 4% when adjusted for the effects of currency
  • Fourth quarter non-GAAP diluted earnings per share of $1.16, down 1% from the prior-year period
  • Fourth quarter GAAP loss per share of $3.49
  • Fourth quarter net revenue of $30.0 billion, down 7% from the prior-year period and down 4% when adjusted for the effects of currency
  • Cash flow from operations of $4.1 billion, up 69% from the prior-year period
  • Returned $384 million in cash to shareholders in the form of dividends and share repurchases
  • Fourth quarter and full year fiscal 2012 results include a non-cash goodwill and intangible asset impairment charge of $8.8 billion relating to the Autonomy business within the Software segment

                                                                            
HP fourth quarter and full year 2012 financial performance                  
                                                                            
                      Q4FY12  Q4FY11     Y/Y       FY12    FY11      Y/Y    
GAAP net revenue                                                            
 ($B)                   $30.0  $32.1        (7%)  $120.4  $127.2        (5%)
GAAP operating                                                              
 margin               (21.7%)   2.5% (24.2 pts.)  (9.2%)    7.6% (16.8 pts.)
GAAP net (loss)                                                             
 earnings ($B)         ($6.9)   $0.2             ($12.7)    $7.1            
GAAP (loss) diluted                                                         
 EPS                  ($3.49)  $0.12             ($6.41)   $3.32            
Non-GAAP operating                                                          
 margin                 10.4%   9.7%    0.7 pts.    9.3%   10.8%  (1.5 pts.)
Non-GAAP net                                                                
 earnings ($B)           $2.3   $2.4        (3%)    $8.0   $10.4       (23%)
Non-GAAP diluted                                                            
 EPS                    $1.16  $1.17        (1%)   $4.05   $4.88       (17%)
                                                                            
Information about HP's use of non-GAAP financial information is provided    
under "Use of non-GAAP financial information" below.                        

HP today announced financial results for its fourth fiscal quarter and full fiscal year ended Oct. 31, 2012.

For the full year fiscal 2012, net revenue of $120.4 billion was down 5% from the prior-year period and down 4% when adjusted for the effects of currency.

Full-year GAAP loss per share was $6.41, down from diluted earnings per share (EPS) of $3.32 in the prior-year period. Full-year non-GAAP diluted EPS was $4.05, down 17% from the prior-year period. Full year non-GAAP earnings information excludes after tax costs of $20.7 billion, or $10.46 per diluted share, related to the impairment of goodwill and purchased intangible assets, restructuring charges, amortization of purchased intangible assets, charges relating to the wind down of non-strategic businesses and acquisition-related charges.

For the fourth quarter, net revenue of $30.0 billion was down 7% year over year and down 4% when adjusted for the effects of currency.

Fourth quarter GAAP loss per share was $3.49, down from diluted EPS of $0.12 in the prior-year period. Fourth quarter non-GAAP diluted EPS was $1.16, down 1% from the prior-year period. Fourth quarter non-GAAP earnings information excludes after-tax costs of $9.1 billion, or $4.65 per diluted share, related to the impairment of goodwill and purchased intangible assets, restructuring charges, amortization of purchased intangible assets and acquisition-related charges.

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