Hewlett-Packard Company (NYSE:HPQ) released the earnings results from its most recently completed quarter, posting earnings of 90 cents per share, excluding items (a 10% increase), on revenue of $28.2 billion. Analysts had been expecting the company to report earnings of 84 cents per share on revenue of $27.2 billion.

Hewlett Packard HPQ

Breaking down Hewlett-Packard’s results

GAAP earnings per share were 74 cents, compared to 63 cents in the same quarter a year ago and ahead of the company’s guidance of between 60 cents and 64 cents. First quarter

“HP is in a stronger position today than we’ve been in quite some time,” said Meg Whitman, HP president and chief executive officer. “The progress we’re making is reflected in growth across several parts of our portfolio, the growing strength of our balance sheet, and the strong support we’re receiving from customers and channel partners. Innovation is igniting our comeback, and at a time when many of our competitors are confronting new challenges, two years of turnaround work is setting us up for an exciting future.”

Hewlett-Packard Company (NYSE:HPQ) reported that its asset management generated $3 billion in cash flow from operations during the first fiscal quarter. That’s a 17% increase from the same quarter a year ago. The company ended the quarter with $6 billion in inventory, a one day decline year over year to 25 days. Hewlett-Packard paid 14.52 cents per share in dividends during the fourth quarter, which used up $278 million in cash. The company also used $565 million in cash to buy back about 20.4 million common shares, exiting the quarter with $16.4 billion in gross cash.

Hewlett-Packard guides for 2014

Hewlett-Packard Company (NYSE:HPQ) also provided guidance for the full 2014 fiscal year. The company estimates that non-GAAP diluted net earnings per share for the full year will be between $3.60 and $3.75 per share. It projects GAAP diluted net earnings per share will be between $2.85 and $3 per share. Hewlett-Packard also expects after-tax costs of about 75 cents per share due to restructuring and amortization. Those costs are not included in the company’s non-GAAP estimate.