Hewlett net surpasses forecasts; stock rises on posting of $260 million profit

Article Abstract:

HP reports profits, revenues and orders in excess of expectations. Earnings are $261 million, or $1.03 a share, which is 10 to 15 cents higher than industry observers had foreseen. Orders are unexpectedly strong, especially internationally, where there had been concern because of slowed economic conditions. For the quarterly period ended Jan 31, 1993, revenues are $4.57 billion, up 18.4 percent compared with last year's $3.86 billion. Orders are $5.2 billion, which compares with $4.2 billion in the 1st qtr of 1992. Orders in the US are $2.1 billion, up 18 percent compared with the same period a year earlier. Orders from overseas are up 28 percent, to $3.1 billion. Analysts cite HP's adoption of open computer systems as a reason for the company's successes. HP's shares are up $4.675 on Feb 18, 1993, closing at $72.25.

Outlook

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Computer maker's net hurts stock; Hewlett-Packard profit lower than expected

Article Abstract:

HP reports lower 3rd qtr 1993 earnings than expected on increased revenues, due to price cutting in the microcomputer and printer markets. The company earned $271 million or $1.06 a share on revenues of $4.96 billion for the quarter ending July 31. Earnings were up 44 percent from $188 million or $0.75 a share, and revenues were up 23 percent from $4.04 billion in 3rd qtr 1992. Financial analysts had expected per-share earnings of $1.20-$1.25, and have lowered their FY 1993 and 1994 earnings estimates in response to the news. HP's surprisingly poor performance sent its stock down $1.50 to $73.75 a share by the close of trading Aug 17 on the New York Stock Exchange. HP Pres and CEO Lewis E. Platt considers the company's performance very good given the recessionary world economic environment.

Orders

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Hewlett-Packard profit down by 2.6% in quarter

Article Abstract:

HP reports 3rd qtr earnings of $192 million, down 2.6 percent from 1988. Revenues rose to $3 billion, up 23 percent, reflecting the recent acquisition of Apollo Computer Inc. HP blames the decrease on difficulties in accurately predicting shipments and expenses of its changing product mix. Orders continue to grow at a moderate pace. High-end minicomputer sales, though, are weakening, while workstation, microcomputer, printer and peripheral sales are strong. Earnings are suffering because minicomputer products typically have the highest product margin. Analysts see HP's much delayed Spectrum series of minicomputers as coming too late to increase profits much.

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