Hewlett-Packard's Profit Climbs - TheStreet

Hewlett-Packard's Profit Climbs

Revenue increases 11%.
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Hewlett-Packard

(HPQ) - Get Report

grew its bottom line 16% in its fiscal second quarter.

The results were no surprise: H-P preannounced its financial results last week, along with the news that it struck a $13.9 billion deal to acquire technology consulting company

EDS

(EDS)

.

In the three months ended April 30, H-P had revenue of $28.3 billion, up from $25.5 billion at this time last year.

H-P had net income of $2.1 billion, or 80 cents a share, vs. $1.8 billion, or 65 cents a share in the year-ago period.

Excluding various charges related to the amortization of purchased intangibles, H-P said it earned 87 cents a share, in line with its pre-announcement.

Looking ahead, H-P forecast sales between $27.3 billion and $27.4 billion, with adjusted EPS between 82 cents and 83 cents in the current quarter. The average analyst estimate calls for 82 cents EPS on sales of $27.3 billion in the current quarter.

Shares of H-P were off 23 cents in recent after-hours trading to $46.23.