HP Reports Second Quarter 2010 Results

  • Second quarter net revenue of $30.8 billion, up 13%, or $3.5 billion, from a year earlier
  • Second quarter GAAP operating profit up 25% to $2.9 billion; GAAP diluted earnings per share of $0.91, up 28% from $0.71 a year earlier
  • Second quarter non-GAAP operating profit up 22% to $3.5 billion; non-GAAP diluted earnings per share of $1.09, up 27% from $0.86 a year earlier
  • Broad-based year-over-year growth driven by ESS at 31%, PSG at 21%, and IPG at 8%
  • Delivered 31% year-over-year organic growth in HP Networking
  • Double-digit year-over-year growth across all regions
  • Raises full-year outlook

PALO ALTO, Calif. — (BUSINESS WIRE) — May 18, 2010 — HP (NYSE: HPQ) today announced financial results for its second fiscal quarter ended April 30, 2010, with net revenue of $30.8 billion, up 13% from a year earlier including a favorable currency benefit of four percentage points.

In the second quarter, GAAP diluted earnings per share (EPS) was $0.91, up from $0.71 in the prior-year period. Non-GAAP diluted EPS was $1.09, up from $0.86 in the prior-year period. Non-GAAP financial information excludes after-tax costs of approximately $0.18 per share and $0.15 per share in the second quarter of fiscal 2010 and 2009, respectively, related primarily to the amortization of purchased intangibles, restructuring charges and acquisition-related charges.

“HP had an exceptional quarter with strong performance across every region,” said Mark Hurd, HP chairman and chief executive officer. “We’ve built the best portfolio in the industry, and our customers are responding. We’re winning in the marketplace, investing for the future and confident in the enormous opportunity that lies ahead.”

    Q2 FY10   Q2 FY09   Y/Y
Net revenue ($B)   $30.8   $27.4   13%
GAAP operating margin   9.3%   8.4%   0.9 pts
GAAP net earnings ($B)   $2.2   $1.7   28%
GAAP diluted EPS   $0.91   $0.71   28%
Non-GAAP operating margin   11.2%   10.4%   0.8 pts
Non-GAAP net earnings ($B)   $2.6   $2.1   25%
Non-GAAP diluted EPS   $1.09   $0.86   27%

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