HP reports first quarter 2006 results

HP reports first quarter 2006 results

HP today reported financial results for its first fiscal quarter ended Jan. 31, 2006, with net revenue of $22.7 billion, an increase of 6% year-over-year, or 8% in constant currency. Non-GAAP operating profit(1) was $1.7 billion, with non-GAAP diluted earnings per share (EPS)(1) of $0.48 (includes stock based compensation expense), up from $0.37 in the prior-year period. Non-GAAP financial information for the first quarter excludes $166 million of adjustments on an after-tax basis, or $0.06 per diluted share, related primarily to amortization of purchased intangibles, and in-process research and development-related costs. GAAP operating profit was $1.5 billion and GAAP diluted EPS was $0.42 per share, up from $0.32 in the prior-year period.

“We are continuing to deliver on our plan to strengthen HP and better serve our customers,” said Mark Hurd, HP chief executive officer and president. “Growth was balanced across most of our businesses and geographies, cash flow was strong and we were disciplined in controlling costs. While hard work remains ahead of us, our efforts are starting to show results.”

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