Hewlett-Packard Company (NYSE:HPQ) released the results from its most recently completed quarter today, posting non-GAAP earnings of 88 cents per share on revenue of $27.3 billion. That’s compared to analyst estimates of 88 cents per share in earnings and $27.4 billion. Hewlett-Packard’s quarterly guidance had suggested non-GAAP earnings of between 85 cents and 89 cents per share and GAAP earnings of between 62 cents and 66 cents per share.

Hewlett Packard HPQ

Breaking down Hewlett-Packard’s earnings

According to today’s earnings report, Hewlett-Packard Company (NYSE:HPQ) posted 66 cents per share in GAAP earnings, which is a 20% increase year over year.  Cash flow from operations for the April quarter was $3 billion.

Hewlett-Packard Company (NYSE:HPQ) reported a 7% increase in Personal Systems revenue with a 3.5% operating margin. Printing revenue declined 4% year over year and had a 19.5% operating margin. Enterprise Group revenue fell 2% and had a 14.4% margin, while Enterprise Services revenue fell 7% and had a 2.5% operating margin. Software revenue was flat and had a 19.2% margin, and HP Financial Services revenue fell 2%.

Hewlett-Packard makes improvements

The company also improved its operating company net cash by $1 billion, marking the ninth quarterly improvement of $1 billion or more.

“With the first half of our fiscal year completed, I’m pleased to report that HP’s turnaround remains on track,” said Meg Whitman, president and chief executive officer of Hewlett-Packard Company (NYSE:HPQ), in a statement. “With each passing quarter, HP is improving its systems, structures and core go-to-market capabilities. We’re gradually shaping HP into a more nimble, lower-cost, more customer- and partner-centric company that can successfully compete across a rapidly changing IT landscape.”

Hewlett-Packard Company (NYSE:HPQ) said it returned $1.1 billion to shareholders through share buybacks and dividends during the second quarter.

Hewlett-Packard guides for 3rd quarter

Hewlett-Packard Company (NYSE:HPQ) said for the current quarter, non-GAAP diluted net earnings per share should be between 86 cents and 90 cents per share. It projects GAAP diluted net earnings per share of between 59 cents and 63 cents. It expects 27 cents per share in after-tax restructuring and amortization charges.

For the full fiscal year, Hewlett-Packard Company (NYSE:HPQ) projects GAAP diluted net earnings per share of between $3.63 and $3.75 and GAAP diluted net earnings per share of between $2.68 and $2.80. The company said GAAP results include about 95 cents per share in after-tax restructuring and amortization charges.