Hewlett-Packard Reports Q4 In-line With Estimates

Hewlett-Packard Company HP announced financial Tuesday for the fiscal 2014 fourth quarter ended October 31, 2014. Fourth quarter net revenue was $28.4 billion, in-line with estimates of $28.76 billion and down 2 percent from the prior-year period and down 3 percent on a constant currency basis.

Fourth quarter non-GAAP diluted net EPS was $1.06, in-line with estimates and up from the $1.01 reported in the prior-year period and within its previously provided outlook of $1.03 to $1.07.

Fourth quarter non-GAAP net earnings and non-GAAP diluted net EPS exclude after-tax costs of $684 million and $0.36 per diluted share, respectively, related to restructuring charges, the amortization of intangible assets and acquisition-related charges.

"I'm excited to say that HP's turnaround continues on track," said Meg Whitman, chairman, president and chief executive officer. "In FY14, we stabilized our revenue trajectory, strengthened our operations, showed strong financial discipline, and once again made innovation the cornerstone of our company. Our product roadmaps are the best they've been in years and our partners and customers believe in us. There's still a lot left to do, but our efforts to date, combined with the separation we announced in October, sets the stage for accelerated progress in FY15 and beyond."

For fiscal 2015, Hewlett-Packard estimates non-GAAP diluted net EPS to be in the range of $3.83 to $4.03 and GAAP diluted net EPS to be in the range of $3.23 to $3.43. Fiscal 2015 non-GAAP diluted net EPS estimates exclude after-tax costs of approximately $0.60 per share, related primarily to the amortization of intangible assets and restructuring charges.

For the fiscal 2015 first quarter, Hewlett-Packard estimates non-GAAP diluted net EPS to be in the range of $0.89 to $0.93 and GAAP diluted net EPS to be in the range of $0.72 to $0.76. Fiscal 2015 first quarter non-GAAP diluted net EPS estimates exclude after-tax costs of approximately $0.17 per share, related primarily to the amortization of intangible assets and restructuring charges.

Hewlett-Packard traded at $37.25 in the after-hours session, down 0.88 percent