HP reports 3rd quarter results

According to a press release, GAAP operating profit was $2.1 billion and GAAP diluted earnings per share (EPS) was $0.66, up from $0.48 in the prior-year period. Non-GAAP operating profit was $2.3 billion, with non-GAAP diluted EPS of $0.71 up from $0.52 in the prior-year period. Non-GAAP financial information excludes $134 million of adjustments on an after-tax basis, or $0.05 per diluted share, related primarily to amortization of purchased intangibles. GAAP and non-GAAP financial information include all stock-based compensation expense in both current and prior-year periods.

During the quarter, on a year-over-year basis, revenue in the Americas grew 14% to $11.1 billion, in Europe, the Middle East and Africa 16% to $9.7 billion, and in Asia Pacific 22% to $4.6 billion. When adjusted for the effects of currency, revenue in the Americas grew 13%, n Europe, the Middle East and Africa 9%, andin Asia Pacific 18%. Revenue from outside of the United States was 65%, with revenue in the BRIC countries (Brazil, Russia, India and China) growing 35% over the prior year in the third quarter and now accounting for more than 8% of revenue.

Revenue of HP’s Imaging and Printing Group (IPG) grew 8% year over year to $6.8 billion, with the supplies business growing 9%, commercial hardware 6% and consumer hardware 10%. Printer unit shipments increased 10% year over year, with consumer printer hardware units up 8% and commercial printer hardware units up 17%. Momentum in key growth initiatives continued, with printer-based multi-function devices up 76%. The Group recorded an operating profit of $981 million, or 14.5% of revenue, up from $884 million, or 14.2% of revenue, in the prior-year period.