This story has been updated from 5:48 PM EST with additoinal conference call comments on PC sales and IBM, as well as the company's latest share price data.
NEW YORK (TheStreet) - HP (HPQ) blew past Wall Street's top and bottom line estimate in its first-quarter results on Thursday and narrowed its full-year guidance. Speaking during the earnings conference call, HP CEO Meg Whitman highlighted a "long overdue" PC refresh and opportunities to gain share from rival IBM.
The PC maker, which is in the throes of a massive corporate overhaul, reported sales of $28.2 billion, down slightly from $28.4 billion in the same period last year. Analysts surveyed by Thomson Reuters were looking for sales of $27.191 billion.
Excluding items, HP earned 90 cents a share, a significant hike from 82 cents a share in the prior year's quarter and above Wall Street's forecast of 84 cents a share.
"HP is in a stronger position today than we've been in quite some time," said Whitman, in a statement. "The progress we're making is reflected in growth across several parts of our portfolio, the growing strength of our balance sheet, and the strong support we're receiving from customers and channel partners. Innovation is igniting our comeback, and at a time when many of our competitors are confronting new challenges, two years of turnaround work is setting us up for an exciting future."
HP's non-GAAP operating margin was 8.5%, up from 7.9% in the year-ago quarter, but down sequentially from 9% in the fourth quarter.