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HP Earnings Live Up to The Street’s Expectations

Posted on May 19, 2009

Tech-giant, Hewlett Packard recently announced it’s first quarter earnings to the public. They reported profits of $1.7 billion on total sales of $27.4 billion in the last quarter. This comes out to earnings per share of $.86; excluding one-time charges (which HP previously reported), the adjusted earnings per share were $.70.

HP said they expected earnings per share to be between $.84 and $.86, excluding the one-time charges. Wall Street analysts also forecast earnings per share of $.86, again excluding the charges. So, where’s the beef? They met their own expectations as well as those of Wall Street. Sure, revenue is down 17% from Q1 in 2008, but isn’t that the same across the board?

It’s not hard to figure out where those losses came from; as business across the world slice their budgets and hold off on technology upgrades, the sales of PC’s and printers go down. HP has certainly not been immune to this decline, but it seems to me that they’re still doing an OK job. $1.7 billion in profit in a ‘recession’ doesn’t sound too shabby to me. But then again, what the heck do I know?

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