HP Reports Fourth Quarter 2009 Results

  • Fourth quarter GAAP diluted EPS of $0.99, up 18% from $0.84 a year earlier
  • Fourth quarter Non-GAAP diluted EPS of $1.14, up 11% from $1.03 a year earlier
  • Fourth quarter net revenue of $30.8 billion, down 8% or down 5% in constant currency from the prior year; up 12% sequentially
  • Fiscal 2009 net revenue of $114.6 billion, down 3% or up 1% in constant currency
  • Services margins up nearly 5 points with significant growth in signings
  • HP claims top spot in U.S. enterprise PC market with double-digit Y/Y share gains
  • China fourth quarter revenue up more than 20%

PALO ALTO, Calif. — (BUSINESS WIRE) — November 23, 2009 — HP (NYSE: HPQ) today announced financial results for its fourth fiscal quarter ended Oct. 31, 2009, with net revenue of $30.8 billion, down 8% from a year earlier and down 5% when adjusted for the effects of currency.

In the fourth quarter, GAAP diluted net earnings per share (EPS) were $0.99, compared with $0.84 in the prior-year period. Non-GAAP EPS were $1.14, compared with $1.03 in the prior-year period. Non-GAAP financial information excludes after-tax costs related primarily to the amortization of purchased intangibles, restructuring charges and acquisition-related charges of approximately $0.15 per share and $0.19 per share in the fourth fiscal quarter of 2009 and 2008, respectively.

“HP’s solid performance in Services drove record profit, and the accelerated pace in signings creates strong momentum going into 2010,” said Mark Hurd, chairman and chief executive officer, HP. “Our operational execution and improving cost structure generated strong quarterly and year-end results. We expect to outperform the market due to our significant scale, broad portfolio and market-leading position.”

      Q4 FY09     Q4 FY08     Y/Y     FY09     FY08     Y/Y
Net revenue ($B) $ 30.8     $ 33.6     -8%     $ 114.6     $ 118.4     -3%
GAAP operating margin   10.2%       8.2%     2.0 pts       8.8%       8.8%     0.0 pts
GAAP net earnings ($B) $ 2.4     $ 2.1     14%     $ 7.7     $ 8.3     -8%
GAAP diluted EPS $ 0.99     $ 0.84     18%     $ 3.14     $ 3.25     -3%
Non-GAAP operating margin   11.8%       10.1%     1.7 pts       11.0%       10.0%     1.0 pts
Non-GAAP net earnings ($B) $ 2.8     $ 2.6     7%     $ 9.4     $ 9.3     1%
Non-GAAP diluted EPS $ 1.14     $ 1.03     11%     $ 3.85     $ 3.62     6%

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Reviews:
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  • HP Screwing it's employees November 25, 2009
    Reviewed by 'Hp screwing it's employees'
    This past year, we took a number of actions to increase financial flexibility and help better position HP to compete and win in the marketplace. Although some of those actions were difficult, they worked in 2009 and will continue to help us in 2010. HP has stayed competitive in extremely difficult times and we need to maintain our financial flexibility in the current environment by keeping base pay flat in this year’s Focal Point Review (FPR) cycle, meaning no base pay increases, except where legally required.
    HP post great profits but it's employees are not worthy! Great Company


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