Hewlett-Packard Q4 Adj. Profit Tops Estimate; Backs FY14 Outlook

(RTTNews) - Hewlett-Packard Co., or HP (HPQ) Tuesday, reported fourth-quarter net income of $1.4 billion, or $0.73 per share, compared to a net loss of $6.9 billion, or $3.49 per share in the comparable quarter last year.

Adjusted earnings for the quarter was $2.0 billion, or $1.01 per share, down from $2.3 billion, or $1.16 per share, in the year-ago period. On average, 29 analysts polled by Thomson Reuters expected the company to earn $1.00 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues decreased 3 percent to $29.13 billion from $29.96 billion last year, while 25 analysts expected revenues of $27.91 billion.

Looking ahead to the first quarter, the company expects GAAP earnings in the range of $0.60 to $0.64 per share and non-GAAP earnings in the range of $0.82 to $0.86 per share. Analysts currently expect first quarter earnings of $0.85 per share.

For the fiscal year 2014, the company expects GAAP earnings in the range of $2.85 to $3.05 per share and non-GAAP earnings in the range of $3.55 to $3.75 per share, in line with HP's previously communicated outlook. Analysts now expect full-year earnings of $3.66 per share.

Separately, the company said its board of directors has declared a regular cash dividend of $0.1452 per share on the company's common stock, payable on Jan. 2, 2014, to stockholders of record as of the close of business on Dec. 11, 2013.