At a meeting with financial analysts in San Francisco today, Hewlett-Packard ( HPQ) chief Carly Fiorina said she expects to see revenue growth of between 2% and 4% next year, equal to her expectations for growth in technology spending.

But she declined to raise guidance for the quarter now under way, despite reports of strong Christmas sales over the Thanksgiving weekend. "The reason is that because the economy continues to be uncertain and, at the same time, we want to make sure we are not getting ahead of ourselves," she said.

She pointed out that stronger holiday sales were necessary in light of the shortened selling season this year. H-P has said it expects some seasonal lift around the holidays, but that it is likely to be about a third below normal.

"I'd describe the economy as stable but not accelerating," said Fiorina.

Given the uninspiring macro outlook, she returned to a favorite postmerger theme: cost-cutting, or as Fiorina says, focusing on "what lies in our control." She said the company plans to notch $3 billion in cost savings in the fiscal year that just began, ahead of the original plan for $2.5 billion. The company said it's already achieved $2.4 billion in annualized savings.

In other news, CFO Bob Wayman said FY03 pension costs will rise sharply, to an estimated $1.7 billion in 2003 from last year's $1 billion or so. The company is reducing its expectation for pension returns from 9% to 8.5%.

The company continues to aim for double-digit growth in its printing division in 2003 and wants to turn a profit in its PC arm by the end of the first half of the current fiscal year.