HP Posts Mixed Results In Qtr.
By Doug Olenick -- TWICE, 12/7/2009
Palo Alto, Calif. — Hewlett-Packard posted its fiscal fourth-quarter and year-end financial statements, which saw revenue declines in its imaging/printing and PC groups for the period ending Oct. 31.
The personal systems group, which includes all computer products, suffered a 12 percent decline in revenue on sales of $9.9 billion for the quarter. Operating profit for the period was $460 million, down 5.5 percent from the $616 million generated during fourth quarter of 2008.
Notebook computer revenue slipped 8 percent, while desktop computer revenue fell 15 percent for the period. However, unit shipments increased 8 percent.
The imaging and printing group suffered a 15 percent revenue decline to $6.5 billion. Operating profit was $1.2 billion for the quarter, flat compared with the prior year. Consumer hardware revenue fell 17 percent, with the commercial hardware area falling off 32 percent, the company said. Printer shipments were down a total of 20 percent, with the consumer side down 17 percent and commercial printer shipments falling 35 percent.
Overall, HP reported $30.8 billion in net revenue for the quarter, down 8 percent compared with the previous year. GAAP net earnings for the quarter were $2.4 billion, up 18 percent from the $2.1 billion in GAAP net earnings made in 2008.
For the year, HP posted $114.6 billion in net revenue, down 3 percent from the $118.4 billion made in 2008. GAAP net earnings for the year were $7.7 billion, down 8 percent from 2008.
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