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HP Reports Preliminary Third Quarter 2004 Results
HP Projects Record Third Quarter for
Imaging and PrintingDespite Posting 2004 third quarter earnings well
below forecasts due mainly to weak sales of computer
servers and storage gear, Hewlett-Packard's imaging
and printing revenue was up a record 8 percent year-over-year.Imaging and printing revenue for the third quarter
was $5.6 billion. During the quarter, HP shipped
almost 10 million printers, bringing total shipments
to approximately 320 million units worldwide. Business
hardware grew 8 percent year-over-year driven by strong
unit shipments in color and mono lasers, business
inkjets and MFPs. Home hardware decreased 5 percent
with all-in-one unit sales growth offset by declining
single-function printers and normal seasonality.
Supplies grew 9 percent fueled by strong growth in
color and monochrome laser supplies. Digital imaging
grew 11 percent as strong digital camera unit shipments
helped offset an expected decline in the scanner market.
Imaging and printing operating profit was $837 million
and also a third quarter record, representing 14.8
percent of the company's total revenue.- Third quarter revenue of $18.9 billion, up 9% year-over-year
- Non-GAAP operating profit of $846 million; Non-GAAP EPS $0.24
- GAAP operating profit of $657 million; GAAP EPS $0.19
- Revenue in Personal Systems grew 19% year-over-year; Imaging & Printing grew 8%; Enterprise Servers and Storage was down 5%; HP Services grew 12%; Software grew 17%
PALO ALTO, Calif., Aug. 12, 2004 – HP today reported preliminary financial results for its third fiscal quarter ended July 31, 2004, including third quarter revenue of $18.9 billion, an increase of 9% year-over-year.
Non-GAAP(1) operating profit was $846 million for the quarter. Non-GAAP diluted earnings per share (EPS) was $0.24 for the quarter, as compared to $0.23 in the prior year period. Non-GAAP diluted EPS and non-GAAP net earnings include a $142 million adjustment on an after-tax basis, or $0.05 per diluted share.
GAAP operating profit for the quarter was $657 million. GAAP diluted EPS was $0.19 per share, up 90% from $0.10 in the prior year period.
Imaging and Printing
Imaging and Printing posted record third quarter revenue of $5.6 billion, up 8% year-over-year. During the quarter HP shipped almost 10 million printers, bringing total shipments to approximately 320 million units worldwide. Business hardware grew 8% year-over-year driven by strong unit shipments in color and mono lasers, business inkjets and MFPs. Home hardware decreased 5% with all-in-one unit sales growth offset by declining single-function printers and normal seasonality. Supplies grew 9% fueled by strong growth in color and monochrome laser supplies. Digital Imaging grew 11% as strong digital camera unit shipments helped offset an expected decline in scanner market. Operating profit of $837 million was also a third quarter record and represented 14.8% of revenue.
* Post was edited: 2004-08-30 10:11:00
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