Hewlett-Packard Company (NYSE:HPQ) released its latest quarterly earnings after closing bell, narrowly edging out estimates for earnings per share and coming out quite a bit ahead in revenue expectations. The company reported fourth fiscal quarter earnings of $1.01 per share, excluding items. Revenues were reported to be $29.13 billion.
Analysts had been expecting the company to report revenue of $27.9 billion and earnings per share of $1.
Breaking Down Hewlett-Packard’s results
Hewlett-Packard Company (NYSE:HPQ)’s GAAP diluted net earnings per share were 73 cents, a major increase from last year’s GAAP loss per share of $3.49. Under the leadership of President and CEO Meg Whitman, the company has made progress in cutting costs. It improved its operating company net debt position by $1.3 billion.
“Through improved execution, strong cost management, and with the support of our customers and partners, HP ended fiscal 2013 on a high note,” said Whitman in a statement. “Our Q4 results demonstrate that HP’s turnaround remains on track heading into fiscal 2014. While we still have much more work to do, our business units and their core assets are delivering on HP’s strategy to help customers thrive by providing solutions for the New Style of IT.”
Hewlett-Packard’s full-year numbers
For the full fiscal year, Hewlett-Packard reported non-GAAP earnings per share of $3.56, which was toward the top of its guidance range. Full-year GAAP earnings per share were $2.62, missing the company’s guidance.
Full-year net revenue for the 2013 fiscal year was $112.3 billion, a 7% decline from the previous year but a 5% decline when adjusted for currency exchange rates.
Hewlett-Packard provides guidance
Hewlett-Packard Company (NYSE:HPQ) guided for first fiscal quarter earnings per share of between 82 cents and 86 cents, which is a little low on expectations, but they are still within range. Analysts were expecting guidance of 85 cents per share. The company guided for GAAP earnings per share of between 60 cents and 64 cents.
It expects to see non-GAAP earnings per share for fiscal 2014 to be between $3.55 and $3.75 per share and GAAP earnings per share for that year to be between $2.85 and $3.05 per share.
The company also paid $763 million to shareholders through dividends and share buybacks during the quarter.