H-P Hits One Out
Similarly, H-P said it needed to do a better job of inventory management, after inventory levels ballooned by $1.6 billion year over year to $8.4 billion.
The inventory situation, along with end-of-year bonus payments, resulted in H-P posting negative $22 million in cash flow from operations for the quarter. H-P also announced that it would modify its retirement plan by stopping payments to its remaining traditional defined-benefits pension plan. The move will give H-P a one-time gain of $500 million, although H-P said it would reinvest the savings into offering an early retirement program for eligible employees. Employees who turn down the early retirement option will be placed in H-P's 401(k) plan, where H-P will now match 6% of employee contributions, vs. its previous 4% level. Looking ahead, H-P projected $24.5 billion in sales for its fiscal second quarter, with adjusted EPS of 63 cents to 64 cents. Analysts polled by Thomson Financial had expected $24.1 billion with EPS of 63 cents.- Loading Comments...
- Loading Comments...
Featured Photo Galleries
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,226.94 | 1,093.07 | 2,154.06 | 34.50 |
Oil *
78.25
|
|
UP
203.52
|
UP
23.77
|
UP
41.62
|
DOWN
0.36
|
10 Yr
3.45%
SPDR Gold
108.19
|
|
+2.03%
|
+2.22%
|
+1.97%
|
-1.03%
|
Data delayed 20 minutes |














