H-P raises first quarter outlook
By August Cole, CBS.MarketWatch.com
Last Update: 9:23 AM ET Feb. 4, 2002
SAN JOSE, Calif. (CBS.MW) - Hewlett-Packard raised its profit projections for the first quarter Monday because consumer sales are stronger than the PC maker had forecast.
The San Jose, Calif.-based Dow component said both printer and PC sales were better than expected and cost savings efforts were going well.
Per-share earnings, H-P (HWP: news, chart, profile) said, will exceed the current 16-cent estimate. That's the survey of 16 analysts, according to Thomson Financial/First Call.
Revenue will be flat with the previous quarter's results. According to First Call, revenue is forecast at $10.65 billion for the quarter.
Margins are to be higher while expenses are expected at a lower level than the prior quarter.
"Economic conditions around the world continue to be challenging, but consumer technology spending is clearly showing some strength," said Chair and CEO Carly Fiorina.
The company will report results on Feb. 13.
Shares ended Friday off 11 cents to $22.
Last week, the European Union's antitrust body cleared the pending acquisition of Compaq (CPQ: news, chart, profile). See full story. |
