Hewlett-Packard Second Quarter 2013 Report

June 6, 2013 No Comments

Meg WhitmanHewlett-Packard announced the financial results for its second quarter which ended on April 30 ,2013 last May 22 as posted in their official newsroom. Stated in the said report, “the second quarter GAAP diluted earnings per share (EPS) was $0.55, down from $0.80 in the prior-year period and above its previously provided outlook of $0.38 to $0.40 per share”. While the second quarter non-GAAP diluted EPS was “$0.87, down from $0.98 in the prior-year period and above its previously provided outlook of $0.80 to $0.82 per share.”

“We beat the upper end of our non-GAAP diluted EPS outlook for the quarter by $0.05 per share, driven by better than expected performance in Enterprise Services and Printing, coupled with the accelerated capture of restructuring savings and improvement in our operations,” said Meg Whitman, HP president and chief executive officer.

For the second quarter of 2013, Hewlett-Packard’s net revenue of $27.6 billion was down 10% year over year and down 9% when adjusted for the effects of currency according to their reports. Still, HP President Meg Whitman looks forward on the development of this year’s non-GAAP earnings which had increased this quarter.

“I am encouraged by our performance in the second quarter, and I feel good about the rest of the year,” added Whitman. “As I have said many times before, this is a multi-year journey. We have a long way to go, but we are on track to deliver on our fiscal 2013 non-GAAP diluted earnings per share outlook.”

“After returning more than a billion dollars to shareholders through share repurchases and dividends in the quarter, we improved our operating company net debt position for the fifth successive quarter,” said Whitman. “By the end of fiscal 2013, we expect our operating company net debt to be below pre-Autonomy levels and approaching our goal of approximately zero.”

Sources: HP Reports Second Quarter 2013 Results, HP News & Events

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