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Hewlett-Packard Year, Quarterly Profits Up

11/23/2010 09:46:14 AM Eastern
Palo Alto, Calif. - Hewlett-Packard reported healthy yearly and fourth-quarter GAAP net earnings for the period, ended Oct. 31.

For the year HP posted a 14 percent increase in GAAP net earnings of $8.8 billion on net revenue of $126 billion, up 10 percent from 2009. In the fourth quarter the company generated GAAP net earnings of $2.5 billion on sales of $33.3 billion, up 5 percent and 8 percent, respectively.

This is HP's first financial report since Léo Apotheker took over as president and CEO from Mark Hurd, who resigned in August under allegations that he sexually harassed an outside contractor.

The personal systems group (PSG) saw revenue increase 4 percent to $10.3 billion during the fourth quarter. Operating profit for the group was up 5.5 percent to $568 million.

Consumer client revenue was down 10 percent for the quarter, but this loss was offset by commercial sales that rose 20 percent.

HP reported a 2 percent increase in overall computer unit shipments, the company said. Notebook revenue was down 3 percent from the prior year period, while desktop revenue increase 13 percent.

The imaging and printing group's revenue increased 8 percent to $7 billion in the fourth quarter, with supplies revenue rising 6 percent. Operating profit was $1.2 billion for the quarter, the same as was posted in 2009.

Consumer hardware sales for the group were down 2 percent, but like the PSG group, the company received a boost from the commercial side, which saw revenue jump 22 percent.
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