Hewlett-Packard's Q3 Results In-Line With Estimates (HPQ)
The company's EPS of $0.86 (down 14 percent from the year-ago period) mirrored Wall Street projections. Hewlett-Packard's revenue of $27.2 billion (down eight percent year-over-year) was just slightly below the Street's estimate of $27.25 billion.
"We once again achieved the financial performance we said we would, delivering $0.86 in non-GAAP diluted earnings per share, within our previously provided outlook of $0.84 to $0.87," Meg Whitman, President and CEO of Hewlett-Packard, said in a company release.
"I remain confident that we are making progress in our turnaround. We are already seeing significant improvement in our operations, we are successfully rebuilding our balance sheet, our cost structure is more closely aligned with our revenue and we have reignited innovation at HP, with a focus on the customer."
Hewlett-Packard estimated that its full-year EPS will fall within the range of $3.53 to $3.57.
In addition to its earnings results, Hewlett-Packard announced that COO Bill Veghte will become the executive VP and general manager of the HP Enterprise Group.
Dave Donatelli, the former head of the HP Enterprise Group, will now focus on "identifying early-stage technologies as he did successfully with 3PAR and 3Com."
"Bill's vision for the future of IT, his breadth of experience in the industry and at HP, and his deep enterprise experience, make him the ideal candidate to help HP navigate a rapidly changing market," Whitman remarked in another company release. "Dave succeeded in pioneering converged infrastructure, bridging servers, storage and networking. Looking forward, the software-defined data center and cloud computing offers us a great opportunity to extend HP's leadership in the technology infrastructure space."
Hewlett-Packard also announced that it has combined its Marketing and Communications organizations, which will be lead by Chief Communications Officer Henry Gomez.
Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.
Louis Bedigian is the Senior Tech Analyst and Features Writer of Benzinga. You can reach him at 248-636-1322 or louis(at)benzingapro(dot)com. Follow him @LouisBedigianBZ
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.