Hewlett-Packard Company (NYSE:HPQ) packs a punch with in-line Q3 results
Hewlett-Packard Company (NYSE:HPQ) reported its Q3 earnings that were in-line with projections. The earnings per share were $0.86 which was 14% below what it stood at in the same quarter, a year ago. The revenue for the quarter stood at $27.2B which dropped by 8% y-o-y and was a bit under the average analyst estimate of $27.25B.
In a company release, Meg Whitman, the HPQ President and CEO said that they had once again achieved what they had said they would. The company delivered non-GAAP diluted EPS of $0.86 which was within the $0.84-$0.87 outlook range that had been provided.
The new launch
Ms Whitman said that the company is confident that the planned turnaround is on its way to success and that there has been a marked improvement in operations. They are also building their balance sheet, the company’s cost-structure is now more closely-aligned with the revenue and innovation is being given precedence once again. All this while keeping the customers and their demands and needs in the spotlight. HPQ has projected that its 2013 EPS will lie in the range of $3.53-$3.57.
Apart from the earnings results, the company also announced that Bill Veghte, the Chief Operating Officer will now be the executive vice-president of the HPQ Enterprise Group. The former head of the Group, Dave Donatelli will now be focusing on identification of early stage technologies. He had been very successful at doing this with 3Com and 3PAR.
In another release, Whitman said that Dave had been successful in spearheading converged-infrastructure, storage and networking and bridging servers. Going forward, cloud-computing and software-defined data-center will offer the company an excellent opportunity to expand the company’s leadership into the technology-infrastructure space. The company also announced that Henry Gomez will be leading its now-combined marketing and communications organizations.