Hewlett-Packard Posts 28% Jump In 4Q Income
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Computer and printing giant Hewlett-Packard Co. posted a 28% jump in fiscal fourth-quarter net income, boosted by strength in laptops and continuing strong sales in the Asia-Pacific region.
The company also boosted its stock-repurchase program by $8 billion.
The chairman and chief executive, Mark Hurd, said: “Strong performance across our businesses was highlighted by sharp improvement in our software segment. We have added over $12 billion of new revenue this year. While we still have more work to do, H-P is well positioned to make further progress in the marketplace.”
H-P, the top personal-computer vendor by shipments, reported net income of $2.16 billion, or 81 cents a share, for the quarter ended October 31, compared with $1.7 billion, or 60 cents a share, a year earlier. The latest results included net charges of $132 million, or 5 cents a share, related mainly to amortization of purchased intangibles. Year-ago results included a charge of $208 million in restructuring-related adjustments and amortization.
Excluding items, the company said it would have reported fourth-quarter earnings of 86 cents a share, versus 68 cents a share a year ago.
Revenue in the latest quarter rose 15% to $28.29 billion from $24.56 billion.
H-P said revenue in its personal systems segment rose 29%, with unit shipments up 33%.