H-P Offers Sunny Outlook, Despite Crisis

NEW YORK -- Hewlett-Packard (HP Quote) says it expects fiscal fourth-quarter results above Wall Street's expectations despite the bad economy.

The news is sending the company's shares up sharply in premarket trading.

The Palo Alto, Calif.-based technology company said Tuesday its global reach, diverse customer base and cost-cutting measures are helping it weather the economic downturn.

Hewlett-Packard expects earnings of 84 cents per share for the quarter, or $1.03 per share on an adjusted basis, on revenue of $33.6 million.

Analysts expected a profit of $1 per share, excluding items, on sales of $33.09 billion.

HP expects first-quarter earnings of 80 cents to 82 cents per share, with adjusted earnings of 93 to 95 cents per share, on sales of $32 billion to $32.5 billion.

Analysts predict a profit of 93 cents per share on sales of $33.72 billion.