Hewlett-Packard Co. (NYSE: HPQ) reported fiscal second-quarter results after markets closed Thursday. The hardware maker reported adjusted diluted earnings per share (EPS) of $0.87 and $25.5 billion in revenues. In the same period a year ago, HP reported EPS of $0.88 on revenue of $27.31 billion. Second-quarter results compare also to the Thomson Reuters consensus estimates for EPS of $0.86 and $25.63 billion in revenue.

Second-quarter adjusted earnings do not include charges of $585 million related to separation charges, restructuring charges, amortization of intangible assets, and acquisition-related charges. On a GAAP basis, EPS totaled $0.55 in the first quarter.

For the third quarter of its 2015 fiscal year, HP forecast adjusted EPS in a range of $0.83 to $0.87. For the full year the company said its estimated range for adjusted EPS is $3.53 to $3.73. The consensus estimates for the third quarter call for EPS of $0.87 on revenues of $25.88 billion and for the full year EPS is forecast at $3.64 on revenues of $105.41 billion.

HP’s EPS outlook excludes $0.33 per share in one-time charges and the full-year estimate excludes approximately $1.50 in charges.

The company’s CEO said:

Despite some tough challenges, we executed well across many parts of our portfolio, sustained our commitment to innovation, and delivered the results we said we would. HP is becoming stronger as we head into the second half of our fiscal year and separation in November.

The company said that the separation into two companies “remains on track and the company expects associated dis-synergies of approximately $400 to $450 million.” Dis-synergies are things like cash flow changes, lost customers, and other negative effects of a merger or, as in this case, a spin-off. We had to look it up.

Shares of HP traded up about 1.6% in the after-hours session Thursday, at $34.38 in a 52-week range of $31.00 to $41.10. Shares closed at $33.83 today, which places a value of $0.55 on beating profit estimates by a penny. Thomson Reuters had a consensus analyst price target of $40.40 before today’s results were announced. The high price target is $45.00.

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