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Consumer Electronics

Very Mixed H-P Earnings Data (HPQ)

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By Jon C. Ogg Updated Published
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Hewlett-Packard Co. (NYSE: HPQ) is out with its quarterly earnings report and earnings were $0.92 EPS on $30 billion in sales. Thomson Reuters had estimates of $0.87 EPS on $30.71 billion in sales.  Of the main units: Services grew 1% to $8.6 billion, Enterprise storage and servers was down 10% to $5.02 billion, printing group was down 7% to $6.26 billion, Personal Systems was down 15% to $8.87 billion; and software grew 30%.

H-P generated $1.2 billion in cash flow from operations in the first quarter. Inventory ended the quarter at $7.3 billion, with days of inventory up 3 days year over year to 28 days. The company spent $780 million of cash during the quarter to repurchase approximately 29 million shares. HP exited the quarter with about $8.2 billion in cash.

For the second quarter HP sees non-GAAP earnings of $0.88 to $0.91 versus estimates for the coming quarter of $0.95 EPS on $30.41 billion in sales.  For 2012, H-P maintained its prior outlook of at least $4.00 in earnings per shares.

H-P closed down 1.5% at $28.94 and shares are initially down another 1.6% at $28.39.

As we noted in our preview today, today is expected to be all about the turnaround plan rather than earnings last quarter or even next quarter.  Until Meg Whitman answers questions from analysts and the media, we are considering this one unfinished business.

JON C. OGG

Contact [email protected] for any questions or corrections.

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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