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Technology Stocks : Hewlett-Packard (HPQ) -- Ignore unavailable to you. Want to Upgrade?

To: Night Writer who wrote (414)	5/15/2002 11:51:08 AM
From: Night Writer	Read Replies (1) \| Respond to of 4345

HP meets earnings expectations in final quarter without Compaq SAN JOSE, Calif., May 15, 2002 (The Canadian Press via COMTEX) -- In its last quarter of life without Compaq Computer Corp., Hewlett-Packard Co. reported sharply higher earnings, in line with Wall Street's expectations even though its sales fell short. For its second quarter ended April 30, HP had net income of $252 million US, or 13 cents per share, compared with $47 million, or two cents per share, in the year-ago quarter. Revenue dropped nine per cent to $10.6 billion from $11.7 billion in the year-ago period. Excluding acquisition-related and other one-time charges, HP said Tuesday its earnings were $498 million, or 25 cents per share, up from $336 million, or 17 cents per share, a year ago. Analysts were expecting earnings excluding charges of 25 cents per share and revenue of $11.1 billion, according to Thomson Financial/First Call. The results represent HP's final quarter prior to its merger with Compaq. After a contentious proxy battle led by former HP director Walter Hewlett, the $18-billion marriage of the two became official a week ago. Most analysts are giving the new HP at least six months to begin delivering on its financial promises, including that the acquisition will lead to $2.5 billion in cost savings and a 12 per cent increase in earnings. Chief executive Carly Fiorina has said she would be disappointed if HP doesn't exceed its forecasts. HP said Tuesday it would give guidance for the combined company at a security analyst meeting on June 4. The results were released after the markets closed Tuesday. Shares of HP rose 52 cents, or nearly three per cent, to end the regular session at $20.50 on the New York Stock Exchange. In after-hours trading, the shares slipped 90 cents. MAY WONG The online source for news sports entertainment finance and business news in Ca ada Copyright (C) 2002 The Canadian Press (CP), All rights reserved -0-