HP Q1 Profit Tops Estimate; Revenue Falls Short

(RTTNews) - Hewlett-Packard Co. (HPQ) reported net income for the first quarter of $1.37 billion or $0.73 per share, compared to $1.43 billion or $0.74 per share for the year-ago quarter.

Excluding items, adjusted net income for the fourth quarter was $1.71 billion or $0.92 per share, compared to $1.74 billion or $0.90 per share in the prior year quarter.

Net revenue for the first quarter fell 5% to $26.84 billion from $28.15 billion in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to earn $0.91 per share on revenue of $27.34 billion for the first quarter. Analysts' estimates typically exclude special items.

Looking forward to second quarter, HP forecasts earnings of $0.57 to $0.61 per share and adjusted earnings of $0.84 to $0.88 per share.

For the fiscal year 2015, the company now forecasts earnings of $2.03 to $2.23 per share and adjusted earnings of $3.53 to $3.73 per share. Previously, the company forecast earnings of $3.23 to $3.43 per share and adjusted earnings of $3.83 to $4.03 per share.

Analysts currently expect the company to earn $0.96 per share for the first quarter and $3.95 per share for the fiscal year 2015.