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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.