Hewlett-Packard Q3 Adj. Profit Meets Estimate; Narrows FY14 Earnings Outlook

(RTTNews) - Hewlett-Packard Co. (HPQ) reported third-quarter net earnings of $1.0 billion or $0.52 per share, compared to $1.4 billion or $0.71 per share for the year-ago quarter.

Excluding items, adjusted net income for the latest third quarter was $1.70 billion or $0.89 per share, compared to $1.68 billion or $0.86 per share in the prior year quarter. On average, 27 analysts polled by Thomson Reuters expected the company to earn $0.89 per share. Analysts' estimates typically exclude special items.

Net revenue for the quarter rose 1% to $27.59 billion from $27.23 billion in the same quarter last year, while 25 analysts expected revenue of $27.01 billion for the third quarter.

Looking forward to the fourth quarter, HP forecasts earnings of $0.83 to $0.87 per share and adjusted earnings of $1.03 to $1.07 per share. Analysts currently expect the company to earn $1.05 per share for the fourth quarter.

For the fiscal year 2014, the company now forecasts earnings of $2.75 to $2.79 per share and adjusted earnings of $3.70 to $3.74 per share. Previously, the company forecast earnings of $2.68 to $2.80 per share and adjusted earnings of $3.63 to $3.75 per share.

Analysts now expect the company to earn $3.72 per share for the fiscal year 2014.