Hewlett-Packard Rises 6% After Q4 Earnings Beat
Hewlett-Packard (NYSE: HPQ) is up more than six percent in after hours trading after the firm announced its fourth quarter results.
The company reported a Q4 EPS of $1.10 versus the Street estimate of $1.00.
Earnings per share were down five percent from the year-ago period.
Revenue came in at $29.1 billion versus the Street estimate of $27.87 billion. Sales were down three percent year-over-year.
"Through improved execution, strong cost management, and with the support of our customers and partners, HP ended fiscal 2013 on a high note," Meg Whitman, HP President and CEO, said in a company release.
"Our Q4 results demonstrate that HP's turnaround remains on track heading into fiscal 2014. While we still have much more work to do, our business units and their core assets are delivering on HP's strategy to help customers thrive by providing solutions for the New Style of IT."
Hewlett-Packard also said that it expects to report a first quarter EPS between $0.82 and $0.86 versus the Street estimate of $0.85.
Year-to-date, Hewlett-Packard is up more than 68 percent.
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 louis(at)benzingapro(dot)com. Follow him @LouisBedigianBZ
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.