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

To: The Duke of URL© who wrote (2692)	3/10/2003 1:59:23 PM
From: Piotr Koziol	Read Replies (1) \| Respond to of 4345

Hewlett Packard CFO says 2nd quarter on track Monday March 10, 1:55 pm ET SAN FRANCISCO, March 10 (Reuters) - Business at computer and printer maker Hewlett-Packard Co. (NYSE:HPQ - News) is in line with plans, and Europe is a bright point while demand remains weak in the U.S. market, the company's chief financial officer said on Monday. ADVERTISEMENT "We are fundamentally on plan with regard to the first month of the (second) quarter," Bob Wayman, HP's chief financial officer, said at a Deutsche Bank Securities investment conference that was broadcast over the Internet. "There's nothing new to say," Wayman said. "We continue to see surprising strength in Europe. The U.S. remains iffy." Analysts polled by tracking firm Thomson First Call (News - Websites) on average expect HP to post a second-quarter profit before items of 27 cents a share, within a range of 26 cents to 28 cents, on revenue of $17.7 billion. HP, which is based in Palo Alto, California, and is in the process of integrating its $18.7 billion purchase of Compaq Computer, posted a first-quarter profit at the high end of expectations, but revenue fell short of analyst forecasts. Wayman also said that HP's enterprise systems group, which sells Unix and industry-standard servers, is on track to achieve operating profitability in the second half of the year. That unit has already achieved merger-related cost savings of $1 billion a year, he said. Wayman said that HP's priorities for 2003 include completing the HP-Compaq integration and exceeding its promised cost savings due to the merger of $3 billion. "Only a handful of companies can deliver profit growth in good times and bad, and we believe HP is becoming one of those companies," Wayman said.