HP Reports Second Quarter 2011 Results

  • Second quarter GAAP diluted earnings per share up 15% year over year with non-GAAP diluted earnings per share up 14% and cash flow from operations up 28%
  • Second quarter gross margins and operating margins up 1.0 and 0.1 percentage points, respectively, year over year
  • Continued strength in commercial businesses resulted in commercial revenue increasing 8% year over year, with Enterprise Servers, Storage and Networking revenue up 15%, Software revenue up 17%, and commercial PC Clients and Printers revenue up 13% and 7%, respectively
  • Revising full year GAAP diluted earnings per share outlook down to at least $4.27 and non-GAAP diluted earnings per share outlook down to at least $5.00

PALO ALTO, Calif. — (BUSINESS WIRE) — May 17, 2011 — HP (NYSE: HPQ) today announced financial results for its second fiscal quarter ended April 30, 2011. Net revenue of $31.6 billion was up 3% from the prior-year period as reported and up 1% when adjusted for the effects of currency.

GAAP diluted earnings per share (EPS) was $1.05, up 15% from $0.91 in the prior-year period. Non-GAAP diluted EPS was $1.24, up 14% from $1.09 in the prior-year period. Non-GAAP financial information excludes after-tax costs of approximately $0.19 per share and $0.18 per share in the second 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.

“HP executed well and delivered a solid quarter,” said Léo Apotheker, HP president and chief executive officer. “Our enterprise strategy, with services at its core, is focused on higher value-added solutions. Today we are accelerating our efforts to align our services business model to our long-term strategy to deliver unprecedented value to our customers and a better return for our shareholders.”

           
  Q2 FY11   Q2 FY10   Y/Y
Net revenue ($B) $31.6

$30.8

3%
GAAP operating margin 9.4% 9.3% 0.1 pts
GAAP net earnings ($B) $2.3

$2.2

5%
GAAP diluted EPS $1.05

$0.91

15%
Non-GAAP operating margin 11.3% 11.2% 0.1 pts
Non-GAAP net earnings ($B) $2.7

$2.6

3%
Non-GAAP diluted EPS $1.24  

$1.09

  14%
 

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