News report on the earning miss:
Wednesday May 13, 6:33 pm Eastern Time
Hewlett-Packard results to be below expectations
PALO ALTO, Calif., May 13 (Reuters) - Hewlett Packard Co. (HWP - news) said on Wednesday that earnings for its fiscal second quarter, which ended April 30, will be below expectations.
The company said that earnings are expected to be about 65 cents per share versus 75 cents per share in the same period last year when it reported net earnings of $784 million.
''While we did achieve good revenue and order growth this quarter, we are disappointed that our early calculations show earnings per share coming in well short of expectations,'' Hewlett-Packard Chairman Lewis Platt said in a statement.
The Palo Alto-based company said its product mix, as well as pricing pressures in the PC business, were significant factors in its results, which will be released on Friday.
Hewlett-Packard also said economic weakness in Asia affected a number of its businesses -- particularly measurement systems, whose products typically have higher gross margins.
The expected earnings include the impact of previously announced printer-manufacturing consolidations in North America, effects associated with the acquisition of Heartstream, Inc. and other charges. |
