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Hewlett-Packard
reported its third quarter earnings on Thursday. Shares of the company are up five percent.
Below are some key highlights from its conference call:
• Revenue for the company was $27.6 billion,
up 1%.
• Our year-to-date free cash flow now stands at $7.4
billion.
• As a result, our operating company net cash position is $4.9
billion.
• We also returned $881 million to shareholders in the form of share
repurchases and dividends.
• Against that back drop, our outlook for non-GAAP diluted net earnings per
share for the full year will be $3.70 to $3.74.
• EMEA revenue was $10 billion, up 5% year-over-year.
• Gross margin for the quarter was 24%.
• Supplies revenue
was $3.7 billion, down 5% over the prior year and made up 65.5% of Printing
revenue.
Global:
• By region, Americas revenue was $12.3 billion, down 1% year-over-year, or
flat in constant currency.
• The U.S. was approximately flat on the back of
double digit growth in Personal Systems.
• Brazil was up moderately, while
other countries in the region declined.
• EMEA driven by some recovery in mature Western economies, partially
offset, primarily, by significant weakness in Russia.
• Guidance:
• In Enterprise Services, given the incremental weakness we saw in Q3 from
EMEA, we are updating our full year revenue outlook.
• We now expect full year
revenue to decline 6% to 7% over the prior year.
• From a macroeconomic perspective, we expect geopolitical
uncertainty to continue, impacting specific territories such as Russia, as
well as increased competitive pressures likely in China.
• From a macroeconomic perspective, we expect geopolitical
uncertainty to continue, impacting specific territories such as Russia, as
well as increased competitive pressures likely in China.
• From a GAAP
perspective, we expect full year GAAP diluted net earnings per share to be in
the range of $2.75 to $2.79.
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