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Hewlett-Packard profit edges higher as sales grow 9.9 percent
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    • PALO ALTO, California (AFP) Feb 16, 2005
     US computer giant Hewlett-Packard said Thursday its profit in the most recent quarter edged up one percent from a year earlier to 943 million dollars as revenues from services rose sharply.

    The company, which last week dumped Carly Fiorina as chairman and chief executive, said the earning excluding one-time events amounted to 35 cents a share, a penny better than the average Wall Street forecast.

    Revenues in the fiscal first quarter ended January 31 hit a record 21.45 billion dollars, up 9.9 percent from the same period a year ago and well ahead of most analyst projections.

    The company said it sees revenues for the current quarter between 21.2 and 21.6 billion dollars, better than the average First Call analyst forecast of 21.12 billion.

    "HP had a solid first quarter, highlighted by strong growth and profit in our Personal Systems Group (computer), strong revenue growth in our Services business and cash flow from operations of 1.6 billion dollars," said Robert Wayman, the chief finance officer tapped last week as interim HP chief executive officer.

    "While we continue to make progress in growing our top line, there is work to be done to improve our profitability. As the board conducts a CEO search, our management team is focused on driving improved execution to serve our customers, strengthen our competitiveness and improve shareholder value."

    Sales from the computer division grew 11 percent to 6.9 billion dollars while unit shipments increased 12 percent year-over-year, reflecting relatively stable average selling prices.

    The Imaging and Printing Group, the highly profitable printer division saw a three percent growth in revenues to 6.1 billion dollars.

    The Technology Solutions Group, which includes storage and services, reported a 14 percent gain in revenues to 8.1 billion dollars.




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