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HP Sales Rise, But Profits Miss Targets

12/04/2000 02:00:00 AM Eastern

PALO ALTO, CALIF. -Citing margin pressures, adverse currency effects, higher-than-expected expenses and its business mix for a big earnings shortfall in its fiscal fourth quarter ended Oct. 31, Hewlett-Packard missed its growth target for the quarter.

Overall company sales climbed 17 percent in the fourth quarter to $13.3 billion, compared with $11.4 billion in the same quarter last year. Net revenue in the United States was $6 billion, an increase of 13 percent from the year-ago quarter.

Hewlett-Packard said home personal computer revenue climbed 62 percent in its fiscal fourth quarter ended Oct. 31, with notebooks up 164 percent.

Net revenue for the company's overall computer systems segment increased 29 percent to $5.9 billion in the fourth quarter, compared with the year-ago three months.

Net earnings climbed 21 percent to $922 million in the fourth quarter, compared with $760 million in the same quarter last year.

For the fiscal year, Hewlett-Packard sales increased 15 percent to $48.8 billion, compared with $42.7 billion in the year-ago quarter. Earnings were up 6 percent to $3.7 billion, compared with $3.5 billion in the year-ago 12 months.

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