HP Reports Fourth Quarter 2004 Results

               HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
             CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
                              (Unaudited)
                (In millions except per share amounts)
                                                              
                                            Twelve months ended      
                                                 October 31,          
                                            -------------------
                                           2004           2003(a) 
                                           ----           ----      
Net revenue                              $79,905        $73,061 

Costs and expenses:
  Cost of sales                           60,340         53,858      
  Research and development                 3,506          3,651     
  Selling, general and administrative     11,024         11,012  
  Amortization of purchased intangible 
   assets                                    603            563      
  Restructuring charges                      114            800    
  Acquisition-related charges                 54            280   
  In-process research and development 
   charges                                    37              1 
                                          ------         ------    
     Total costs and expenses             75,678         70,165   
                                          ------         ------      

Earnings from operations                   4,227          2,896    

Interest and other, net                       35             21     
Gains (losses) on investments                  4            (29)
Dispute settlement                           (70)             -
                                          ------         ------

Earnings before taxes                      4,196          2,888     

Provision for taxes                          699            349 
                                          ------         ------   

Net earnings                              $3,497         $2,539  
                                          ======         ======  

Net earnings per share:
  Basic                                    $1.16          $0.83    
  Diluted                                  $1.15          $0.83    
                                
Cash dividends declared per share          $0.32               $0.32        

Weighted-average  shares  used  to  
  compute  net  earnings  per  share:  
    Basic                                                                        3,024                    3,047            
    Diluted                                                                    3,055                    3,063            

(a)  Certain  reclassifications  have  been  made  to  prior  year  amounts  in
order  to  conform  to  the  current  year  presentation.
 


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