Hewlett-Packard Company (NYSE:HPQ) released its latest earnings report after closing bell, posting earnings of 89 cents per share, excluding items (a 3% increase year over year), on $27.6 billion in revenue, a 1% year over year increase Analysts had been expecting earnings of 89 cents per share on $27.01 billion in revenue.

Hewlett-Packard

Breaking down Hewlett-Packard’s earnings

The company’s previously provided earnings guidance for the quarter was between 86 cents and 90 cents a share, so the actual result came in toward the high end of that guidance. The non-GAAP result excluded after-tax expenses of $713 million in connection with restructuring charges, expenses related to acquisitions, and amortization of intangible assets.

GAAP earnings per share fell 27% year over year to 52 cents per share. That was worse than Hewlett-Packard’s guidance of between 59 cents and 63 cents per share.  Cash flow from operations rose 36% year over year to $3.6 billion. Operating net cash rose sequentially to $4.9 billion, an increase of $2.2 billion.

Hewlett-Packard reported a 12% increase in revenue from Personal Systems and a 4% decline in Printing revenue. Enterprise Group revenue rose 2%, while Enterprise Services revenue fell 6% year over year. Revenue from Software fell 5% year over year, while HP Financial Services revenue declined 3%.

Hewlett-Packard raises earnings guidance

“Overall, I’m very pleased with the progress we’ve made,” said Chairman, President and CEO Meg Whitman in a statement. “When I look at the way the business is performing, the pipeline of innovation and the daily feedback that I receive from our customers and partners, my confidence in the turnaround grows stronger.”

The technology company also increased its full year guidance for earnings, bringing it up to analyst expectations. Hewlett-Packard projects non-GAAP earnings of between $1.03 and $1.07 per share and GAAP earnings to be between 83 cents and 87 cents per share. For the full year, the company projects non-GAAP earnings of between $3.70 and $3.74 per share and GAAP earnings of between $2.75 and $2.79 per share.

Hewlett-Packard also said it returned $881 million to shareholders through dividends and buybacks during the third fiscal quarter.