HP Reports Second Quarter 2008 Results

PALO ALTO, Calif.—(BUSINESS WIRE)—May 20, 2008— HP (NYSE:HPQ) today announced financial results for its second fiscal quarter ended April 30, 2008, with net revenue of $28.3 billion, up 11% from a year earlier and up 5% when adjusted for the effects of currency.

In the second quarter, GAAP operating profit was $2.6 billion and GAAP diluted earnings per share (EPS) was $0.80, up from $0.65 in the prior-year period. Non-GAAP operating profit was $2.8 billion, with non-GAAP diluted EPS of $0.87 up from $0.70 in the prior-year period. Non-GAAP financial information excludes $172 million of adjustments on an after-tax basis, or $0.07 per diluted share, related primarily to amortization of purchased intangibles.

HP turned in another strong quarter, supported by improvement across our businesses. With 70 percent of revenue now coming from outside the U.S., we benefited from robust demand in emerging economies, said Mark Hurd, HP chairman and chief executive officer. The companys financial outlook demonstrates its strength in the global marketplace.

Q2 FY08 Q2 FY07 Y/Y
Net revenue ($B) $ 28.3 $ 25.5 11 %
GAAP operating margin 9.2 % 8.3 % 0.9 pts

GAAP net earnings ($B)

$ 2.1 $ 1.8 16 %
GAAP diluted EPS $ 0.80 $ 0.65 23 %
Non-GAAP operating margin 10.0 % 9.0 % 1.0 pts

Non-GAAP net earnings ($B)

$ 2.2 $ 1.9 16 %
Non-GAAP diluted EPS $ 0.87 $ 0.70 24 %

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