This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Hewlett-Packard Sees Growth in '10

Updated from Monday, Nov. 23

NEW YORK ( TheStreet) -- Hewlett-Packard (HPQ - Get Report) delivered no surprises Monday, posting earnings and sales numbers in line with previously announced results.

Hewlett-Packard, the top PC maker, posted adjusted earnings of $1.14, up from $1.03 in the year-ago quarter and a penny better than the $1.13 pro forma profit analysts were looking for, according to Yahoo Finance.

Sales for Hewlett-Packard's fiscal fourth quarter ended last month were $30.8 billion down from the $33.6 billion level in the same period last year and slightly better than the $30.4 billion target analysts had hoped for.

Looking ahead, Hewlett-Packard sees growth returning next year.

"Spending will be prudent in 2010 but improved from 2009," CEO Mark Hurd said during an interview on CNBC after the company released its results. "We think the company will return to growth in 2010," he added.

For the fiscal first quarter ending in January, Hewlett-Packard expects sales between $29.6 billion and $29.9 billion. The midpoint of that range is $29.75 billion and directly in line with analysts' projections. Adjusted earnings for the current period are expected to be about $1.04 a share, also in line with expectations.

Hewlett-Packard essentially reiterated the financial guidance it offered earlier this month when it announced the $2.7 billion deal for networking gearmaker 3Com (COMS).

Hewlett-Packard saw a boost in consumer PC sales with shipments up 8% over year-ago levels. The report jibes with Gartner's observation Monday that found a surprising jump in shipments in the most recent quarter. Gartner reversed its call for a decline this year in PC volumes and now says shipments should be up 2.8% this year. But despite the volume growth, the total revenue tally is falling.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
DELL $0.00 0.00%
HPQ $33.65 0.00%
AAPL $128.70 0.00%
FB $78.81 0.00%
GOOG $540.78 0.00%

Markets

DOW 18,070.40 +46.34 0.26%
S&P 500 2,114.49 +6.20 0.29%
NASDAQ 5,016.9290 +11.5380 0.23%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs