Hewlett-Packard
2009-05-20
· Netto-omzet tweede kwartaal daalt ten opzichte van dezelfde
periode in 2008 met 3% (of stijgt 3% in lokale valuta) naar $27,4
miljard
· GAAP bedrijfsresultaat over het tweede kwartaal daalt met
12% naar $2,3 miljard; winst per aandeel $0,70, een daling ten
opzichte van $0,80 een jaar eerder
· Non-GAAP bedrijfsresultaat over tweede kwartaal stijgt met
1% naar $2,8 miljard; winst per aandeel $0,86, een daling ten opzichte
van $0,87 een jaar eerder
· GAAP en non-GAAP verwaterde WPA (winst per aandeel) bevatten
$0,02 aan kosten die verband houden met een patentgeschil
· Record kasstroom uit operationele activiteiten van $5,0
miljard
· Bedrijfsresultaat Services meer dan verdubbeld naar $1,2
miljard
AMSTELVEEN, 20 mei 2009 - HP heeft in het tweede kwartaal van het
financiële jaar 2009, eindigend op 30 april 2009, een netto-omzet van
$27,4 miljard behaald, een daling van 3% in vergelijking met een jaar
eerder. Aangepast aan valuta-effecten is dit een stijging van 3% . Dit
heeft HP vandaag bekend gemaakt.
Vervolg persbericht in het Engels
In the second quarter, GAAP operating profit was $2.3 billion and GAAP
diluted earnings per share (EPS) was $0.70, down from $0.80 in the
prior-year period. Non-GAAP operating profit was $2.8 billion, with
non-GAAP diluted EPS of $0.86, down from $0.87 in the prior-year
period. Non-GAAP financial information excludes $382 million of
adjustments on an after-tax basis, or $0.16 per diluted share, related
primarily to amortization of purchased intangible assets,
restructuring charges and acquisition-related charges.
"Disciplined focus on operational efficiencies and execution drove
record cash flow," said Mark Hurd, HP chairman and chief executive
officer. "Our services business continued to deliver strong
profitability with an increased deal pipeline and the EDS integration
tracking ahead of schedule."
Information about HP's use of non-GAAP financial information is
provided under "Use of non-GAAP financial information" below. Unless
otherwise noted, all growth rates included in the narrative below
reflect year-over-year comparisons.
Revenue grew 9% in the Americas to $12.1 billion. Revenue declined 11%
in Europe, the Middle East and Africa and 10% in Asia Pacific to $10.6
billion and $4.7 billion, respectively. When adjusted for the effects
of currency, revenue grew 12% in the Americas while declining 2% in
Europe, the Middle East and Africa and 5% in Asia Pacific. Revenue
from outside of the United States in the second quarter accounted for
64% of total revenue, with revenue in the BRIC countries (Brazil,
Russia, India and China) declining 12% over the prior-year period
while accounting for 9% of total HP revenue.
Services
Services revenue increased 99% to $8.5 billion due primarily to the
EDS acquisition. Infrastructure Technology Outsourcing posted revenue
of $3.8 billion while Technology Services, Application Services and
Business Process Outsourcing posted revenue of $2.4 billion, $1.5
billion and $709 million, respectively. Operating profit was $1.2
billion, or 13.8% of revenue, up from $507 million, or 11.9% of
revenue, in the prior-year period. The EDS integration is tracking
ahead of plan.
Enterprise Storage and Servers
Enterprise Storage and Servers (ESS) reported total revenue of $3.5
billion, down 28%. Storage revenue declined 22% with the midrange EVA
product line down 21%. Industry Standard Server revenue and Business
Critical Systems revenue declined 29% each, while ESS blade revenue
was down 12%. Operating profit was $250 million, or 7.2% of revenue,
down from $655 million, or 13.7% of revenue, in the prior-year period.
HP Software
HP Software revenue declined 15% to $880 million. Business Technology
Optimization and Other Software revenue declined 15% each. Operating
profit was $157 million, or 17.8% of revenue, up from $104 million, or
10.0% of revenue, in the prior-year period.
Personal Systems Group
Personal Systems Group (PSG) posted flat unit shipments in a
challenging environment and attained the leading market position in
PCs in every region. PSG revenue declined 19% to $8.2 billion.
Notebook revenue for the quarter was down 13%, while Desktop revenue
declined 24%. Commercial client revenue was down 22%, while Consumer
client revenue decreased 16%. Operating profit was $374 million, or
4.6% of revenue, down from $544 million, or 5.4% of revenue, in the
prior-year period.
Imaging and Printing Group
Imaging and Printing Group (IPG) revenue declined 23% to $5.9 billion.
Supplies revenue was down 14% due in part to channel inventory
realignment, while Commercial hardware revenue and Consumer hardware
revenue declined 40% and 31%, respectively. Printer unit shipments
decreased 27%, with Commercial printer hardware units down 36% and
Consumer printer hardware units down 23%. Operating profit was $1.1
billion, or 18.2% of revenue, versus $1.2 billion, or 16.0% of
revenue, in the prior-year period.
HP Financial Services
HP Financial Services (HPFS) reported revenue of $641 million, down 6%
from the prior-year period. Financing volume increased 7%, and net
portfolio assets declined 1%. Operating margin was 7.2% of revenue, up
from 6.9% in the prior-year period.
Asset management
HP generated $5.0 billion in cash flow from operations for the second
quarter. Inventory ended the quarter at $5.7 billion, down 7 days.
Accounts receivable of $14.7 billion was up 5 days. Accounts payable
ended the quarter at $11.4 billion, down 6 days. HP's dividend payment
of $0.08 per share in the second quarter resulted in cash usage of
$192 million. HP utilized $801 million of cash during the second
quarter to repurchase approximately 24 million shares of common stock
in the open market. HP exited the quarter with $13.0 billion in gross
cash.
Outlook
HP expects third quarter FY09 revenue to be approximately flat to down
2 percent sequentially.
Third quarter FY09 non-GAAP diluted EPS is expected to be
approximately $0.88 to $0.90. Third quarter FY09 non-GAAP dilutedEPS
estimates exclude after-tax costs of approximately $0.22 to $0.24 per
share, related primarily to the amortization of purchased intangibles
and restructuring charges. On a GAAP basis, third quarter FY09 diluted
EPS is expected to be approximately $0.64 to $0.68.
HP estimates full-year FY09 revenue will decline approximately 4 to 5
percent from the prior-year period.
Full year FY09 non-GAAP diluted EPS is expected to be approximately
$3.76 to $3.88. FY09 non-GAAP diluted EPSestimatesexclude after-tax
costs of approximately $0.72 to $0.74 per share, related primarily to
the amortization of purchased intangibles and restructuring charges.
On a GAAP basis, full year FY09 diluted EPS is expected to be
approximately $3.02 to $3.16.
More information on HP's quarterly earnings, including additional
financial analysis and an earnings overview presentation, is available
on HP's Investor Relations website at www.hp.com/investor/home.
HP's Q2 FY09 earnings conference call is accessible via an audio
webcast at www.hp.com/investor/q22009webcast.
About HP
HP, the world's largest technology company, simplifies the technology
experience for consumers and businesses with a portfolio that spans
printing, personal computing, software, services and IT
infrastructure. More information about HP (NYSE: HPQ) is available at
http://www.hp.com/.
Use of non-GAAP financial information
To supplement HP's consolidated condensed financial statements
presented on a GAAP basis, HP provides non-GAAP operating profit,
non-GAAP operating margin, non-GAAP net earnings, non-GAAP diluted
earnings per share and gross cash. HP also provides forecasts of
non-GAAP diluted earnings per share. A reconciliation of the
adjustments to GAAP results for this quarter and prior periods is
included in the tables below. In addition, an explanation of the ways
in which HP management uses these non-GAAP measures to evaluate its
business, the substance behind HP management's decision to use these
non-GAAP measures, the material limitations associated with the use of
these non-GAAP measures, the manner in which HP management compensates
for those limitations, and the substantive reasons why HP management
believes that these non-GAAP measures provide useful information to
investors is included under "Use of Non-GAAP Financial Measures" after
the tables below. This additional non-GAAP financial information is
not meant to be considered in isolation or as a substitute for
operating profit, operating margin, net earnings, diluted earnings per
share, or cash and cash equivalents prepared in accordance with GAAP.
EDS acquisition
HP completed its acquisition of Electronic Data Services Corporation
on August 26, 2008. Results of, and comparisons to, the three and six
months ended April 30, 2008 do not include the results of operations
of EDS for those prior periods.
Forward-looking statements
This news release contains forward-looking statements that involve
risks, uncertainties and assumptions. If the risks or uncertainties
ever materialize or the assumptions prove incorrect, the results of HP
may differ materially from those expressed or implied by such
forward-looking statements and assumptions. All statements other than
statements of historical fact are statements that could be deemed
forward-looking statements, including but not limited to any
projections of revenue, margins, expenses, earnings, tax provisions,
cash flows, benefit obligations, share repurchases, acquisition
synergies, currency exchange rates or other financial items; any
statements of the plans, strategies, and objectives of management for
future operations, including execution of cost reduction programs and
restructuring and integration plans; any statements concerning the
expected development, performance or market share relating to products
or services; any statements regarding current or future macroeconomic
trends or events and the impact of those trends and events on HP and
its financial performance; any statements regarding pending
investigations, claims or disputes; any statements of expectation or
belief; and any statements of assumptions underlying any of the
foregoing. Risks, uncertainties and assumptions include macroeconomic
and geopolitical trends and events; execution and performance of
contracts by HP and its suppliers, customers and partners; the
challenge of managing asset levels, including inventory; the
difficulty of aligning expense levels with revenue changes;
assumptions related to pension and other post-retirement costs;
expectations and assumptions relating to the execution and timing of
cost reduction programs and restructuring and integration plans; the
possibility that the expected benefits of business combination
transactions may not materialize as expected; the resolution of
pending investigations, claims and disputes; and other risks that are
described in HP's Annual Report on Form 10-K for the fiscal year ended
October 31, 2008 and HP's other filings with the Securities and
Exchange Commission, including HP's Quarterly Report on Form 10-Q for
the fiscal quarter ended January 31, 2009. As in prior periods, the
financial information set forth in this release, including tax-related
items, reflects estimates based on information available at this time.
While HP believes these estimates to be meaningful, these amounts
could differ materially from actual reported amounts in HP's Quarterly
Report on Form 10-Q for the fiscal quarter ended April 30, 2009. In
particular, determining HP's actual tax balances and provisions as of
April 30, 2009 requires extensive internal and external review of tax
data (including consolidating and reviewing the tax provisions of
numerous domestic and foreign entities), which is being completed in
the ordinary course of preparing HP's Form 10-Q. HP assumes no
obligation and does not intend to update these forward-looking
statements.
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