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Hewlett-Packard posted stronger-than-expected preliminary fourth-quarter results and issued an earnings forecast for next year that is higher than analysts were expecting.
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AP Hewlett Packard |
Shares of the technology [HPQ
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] bellwether jumped more than 29 percent and helped drive other technology shares higher.
HP benefited from its global reach, diverse customer base and portfolio and numerous cost initiatives, said Mark Hurd, HP chairman and chief executive officer, in a press release.
In the face of a weak economy, the world's largest maker of personal computers said it expects to report fourth-quarter earnings of 84 cents a share.
The results will be $1.03 a share, on a non-GAAP basis, which adjusts for items such as amortization, restructuring and acquisition-related charges.
Revenue is expected to climb about 19 percent to $33.6 billion, or an increase of 16 percent when currency effects are stripped out.
Analysts were expecting HP to earn $1.00 a share, excluding items, on revenue of $33.1 billion, according to Reuters estimates.
HP will report its full results on Nov. 24.
HP also issued its forecast for 2009. The estimate calls for the company to report fiscal first-quarter earnings of about $32 billion to $32.5 billion.
Earnings per share in the first quarter will be in the range of 80 cents to 82 cents, or 93 cents to 95 cents on a non-GAAP basis.
The non-GAAP earnings per share estimates exclude after-tax costs of about 13 cents a share, related primarily to the amortization of purchased intangibles.
For the full fiscal year 2009, HP expects revenue of about $127.5 billion to $130.0 billion.
Earnings are expected to be in the range of $3.38 to $3.53 a share.
Non-GAAP diluted earnings per share will be between $3.88 to $4.03 a share. The non-GAAP results exclude after-tax costs of about 50 cents a share, primarily tied to the amortization of purchased intangibles.
According to Reuters, analysts were estimating HP would earn $3.86 a share, excluding items, on revenue of $135.2 billion for fiscal 2009.
Note: An earlier story incorrectly said fourth-quarter revenue was expected to be $32 billion, not $33.6 billion.
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