Hewlett Packard Co.
on Tuesday reported results for its fiscal third quarter, the first since the merger with computer maker Compaq. HP’s results and comparisons to previous years are made including Compaq’s previous financial statements.
For its third fiscal quarter ended July 31, 2002, HP reported revenue of $16.5 billion, which slipped from the $18.2 billion reported in the same quarter last year. HP reported a loss of $2 billion or $0.67 cents per share for the third quarter, which includes restructuring and other merger related chargers. Excluding charges, the company would have reported a profit of $420 million or $0.14 cents per share.
Analysts polled by Thomson First Call expected profits to range between $0.12 and $0.16, with a consensus at $0.14.
HP Chairman and Chief Executive Officer Carly Fiorina said the company is on track to meet second-half targets and integration milestones between Hewlett Packard and Compaq are being met.
Revenue for the company’s printing and imaging products increased 10 percent year-over-year and decreased 3 percent sequentially to $4.7 billion, the company said in a statement today. HP noted increases in home printer product revenue were offset by declines in business hardware revenue.
Hewlett Packard was trading down 4.3 percent on the New York Stock Exchange at $14.21 when the markets closed today.