“We expect the IT industry to return to growth in 2010 and believe that HP will outpace the market,” said Mark Hurd, HP chairman and chief executive officer. “Our broad product and services portfolio and global scale give HP a clear competitive advantage. As a result, we see tremendous opportunity to grow our business and improve earnings while delivering value to our customers.”
At the meeting, HP’s senior executive leaders provided updates on the company’s continued efforts to capture market share and take advantage of secular trends, including a movement toward converged devices and infrastructure as well as a transformation in printing from analog to digital.
With the industry’s broadest portfolio, HP is in a superior position to help customers manage and transform their technology systems and operations. The company plans to continue to leverage the acquisition of EDS to expand margins and market share with growth in services as well as new hardware and software sales.
Fiscal 2010 outlook
Cathie Lesjak, HP Executive Vice President andChief Financial Officer, provided HP’s outlook for fiscal 2010. For the full fiscal year, HP expects revenue of approximately $117.0 billion to $118.0 billion, GAAP diluted earnings per share (EPS) in the range of $3.60 to $3.70, and non-GAAP diluted EPS in the range of $4.20 to $4.30. This non-GAAP diluted EPS estimate excludes after-tax costs of approximately $0.60 per share, related primarily to amortization of purchased intangibles, restructuring charges and acquisition-related charges.
Looking forward, HP sees significant opportunities to invest in innovation and sales to expand its portfolio and market coverage. HP plans to improve margins, given its operating leverage on a leaner cost structure, while continuing to invest for growth.
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