Hewlett-Packard Company Beats Estimates; Posts Lower Q4 Earnings (HPQ)

After the bell on Tuesday, Hewlett Packard (HPQ) announced its fourth quarter earnings, with adjusted earnings and revenue coming in lower than last year’s same quarter.

HPQ Earnings in Brief

-Hewlett Packard posted revenues of $29.1 billion, which were down 3% from last year’s Q4 revenues of $30 billion.
-The company’s non-GAAP net earnings were down to $2 billion from last year’s $2.3 billion.
-Diluted net EPS came in at $1.01, down from $1.16 reported in last year’s fourth quarter.
-Even with falling earnings and revenue, HPQ was able to top analysts’ expectations of $1 EPS on revenues of $27.91 billion.
-Looking ahead, HPQ has given FY2014 guidance of $3.55 to $3.75 EPS, which is in line with analysts’ expectations of $3.66.
-For Q1 2014, Hewlett Packard sees EPS falling in the range of 82 cents to 86 cents.
-For FY2013, HPQ reported EPS of $3.56 on revenues of $112.3 billion.

CEO Commentary

Meg Whitman, HPQ president and CEO, had the following to say about the company’s earnings: ”Through improved execution, strong cost management, and with the support of our customers and partners, HP ended fiscal 2013 on a high note. Our Q4 results demonstrate that HP’s turnaround remains on track heading into fiscal 2014. While we still have much more work to do, our business units and their core assets are delivering on HP’s strategy to help customers thrive by providing solutions for the New Style of IT.”

Dividend Declared

Hewlett Packard made no mention of dividend changes in its report, which was to be expected as the company recently raised its quarterly dividend this past summer. The company did, however, declare a quarterly dividend of 14.52 cents, which will be paid on January 2, 2014 to all stockholders on record as of December 11, 2013.

Stock Performance

Hewlett Packard shares were up substantially on its earnings and revenue beat, rising $1.85, or 7.37%, in after-hours trading. YTD, the company’s stock is up 68.58%.