HP reports first quarter 2009 results

In the first quarter, GAAP operating profit was $2.5 billion and GAAP diluted earnings per share (EPS) was $0.75, down from $0.80 in the prior-year period. Non-GAAP operating profit was $3.1 billion, with non-GAAP diluted EPS of $0.93, up from $0.86 in the prior-year period. Non-GAAP financial information excludes $431 million of adjustments on an after-tax basis, or $0.18 per diluted share, related primarily to amortization of purchased intangible assets, restructuring charges and acquisition-related charges.GAAP and Non-GAAP diluted EPS include $0.03 of charges related to currency hedging losses.

“HP is a market leader executing well in a tough market,” said Mark Hurd, HP chairman and chief executive officer. “Our market strength, disciplined cost management and diverse portfolio allowed us to differentiate HP in the global marketplace and gain share in key markets.”

Information about HP’s use of non-GAAP financial information is provided under “Use of non-GAAP financial information” below. Unless otherwise noted, all growth rates included in the narrative below reflect year-over-year comparisons.

Revenue grew 11 percent in the Americas to $12.4 billion. Revenue declined 3percent in Europe, the Middle East and Africa and 11 percent in Asia Pacific to $12.0 billion and $4.4 billion, respectively. When adjusted for the effects of currency, revenue grew 13 percent in the Americas and 1 percent in Europe, the Middle East and Africa while declining 9 percent in Asia Pacific. Revenue from outside of the United States in the first quarter accounted for 65 percent of total revenue, with revenue in the BRIC countries (Brazil, Russia, India and China) declining 22 percent over the prior-year period while accounting for 7 percent of total HP revenue.