HP Reports Strong Fiscal Q2 Results

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Palo Alto, Calif. - Hewlett-Packard posted double-digit gains in revenue and earnings during its fiscal second quarter, ended April 30.

Net revenue was $30.8 billion, up 13 percent year on year, with GAAP net earnings up 28 percent to $2.2. billion and non-GAAP net earnings increasing 25 percent to $2.6 billion.

The personal systems group (PSG) posted a 20 percent increase in unit shipments and maintained the leading market share position in PCs worldwide, HP said.

PSG revenue increased 21 percent to $10 billion.  Notebook revenue for the quarter was up 17 percent, while desktop revenue increased 27 percent. Commercial client revenue was up 19 percent, while consumer client revenue increased 25 percent. Operating profit was $465 million, or 4.7 percent of revenue, up from $378 million, or 4.6 percent of revenue, in the prior-year period.

Imaging and printing group (IPG) revenue increased 8 percent to $6.4 billion. Supplies revenue was up 6 percent, while commercial hardware revenue and consumer hardware revenue increased 13 percent and 16 percent, respectively.

Printer unit shipments increased 9 percent, with commercial printer hardware units down 8 percent and consumer printer hardware units up 15 percent. Operating profit was $1.1 billion, or 17.2 percent of revenue vs. $1.1 billion, or 18.2 percent of revenue, in the prior-year period.


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