Hewlett-Packard Q3 Adj. Profit Meets Estimate - Quick Facts

(RTTNews) - Hewlett-Packard Co., or HP (HPQ) Wednesday, reported third-quarter net income of $1.4 billion, or $0.71 per share, compared to a net loss of $8.9 billion, or $4.49 per share in the comparable quarter last year.

Adjusted earnings for the quarter was $1.7 billion, or $0.86 per share, down from $2.0 billion, or $1.00 per share, in the year-ago period. On average, 27 analysts polled by Thomson Reuters expected the company to earn $0.86 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues decreased 8 percent to $27.23 billion from $29.67 billion last year, while 24 analysts expected revenues of $27.29 billion.

For the fiscal year 2013, the company expects GAAP earnings in the range of $2.67 to $2.71 per share and non-GAAP earnings in the range of $2.53 to $2.57 per share, in line with HP's previously communicated outlook.

Analysts currently expect full-year earnings of $3.57 per share.

Separately, the company said its chief operating officer or COO, Bill Veghte will become executive vice president or EVP and general manager of the HP Enterprise Group, effective immediately.

The company said this role will now include responsibility for the coordinated development of the company's portfolio of cloud solutions. Dave Donatelli will take on a new role focused on identifying early-stage technologies as he did successfully with 3PAR and 3Com.

In a separate organizational move, HP will combine its Marketing and Communications organizations under the leadership of Chief Communications Officer Henry Gomez.