H-P Hits One Out

Updated from 5:34 p.m. EST

Strong sales of notebook PCs and printers pushed Hewlett-Packard's(HPQ Quote) fiscal first-quarter profit up 26% and lifted its top line above Wall Street expectations.

The better-than-expected financial results, which H-P reported after Tuesday's market close, also were achieved by continuing cost-cutting. And H-P signaled that cost controls remained front and center, announcing that it would terminate its pension plan for U.S. workers.

The Palo Alto, Calif., company grew first-quarter sales 11% to $25.1 billion, ahead of its own guided range of $24.1 billion and $24.3 billion, as well as Wall Street's expectation of $24.3 billion. ...