Hewlett-Packard Q2 Adj. Profit Meets Estimate; Cuts FY14 GAAP EPS Outlook

(RTTNews) - Hewlett-Packard Co. (HPQ) reported net earnings for the second quarter of $1.3 billion or $0.66 per share, compared to $1.1 billion or $0.55 per share for the year-ago quarter.

Excluding items, adjusted net income for the second quarter was $1.7 billion or $0.88 per share, compared to $1.7 billion or $0.87 per share in the prior year quarter.

Net revenue for the latest second quarter fell 1% to $27.31 billion from $27.58 billion in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to earn $0.88 per share on revenue of $27.41 billion for the second quarter. Analysts' estimates typically exclude special items.

Looking forward to the third quarter, HP forecasts earnings of $0.59 to $0.63 per share and adjusted earnings of $0.86 to $0.90 per share. Analysts currently expect the company to earn $0.89 per share for the third quarter.

For the fiscal year 2014, the company now forecasts earnings of $2.68 to $2.80 per share and adjusted earnings of $3.63 to $3.75 per share. Previously, the company forecast earnings of $2.85 to $3.00 per share and adjusted earnings of $3.60 to $3.75 per share.

Analysts now expect the company to earn $3.71 per share for the fiscal year 2014.