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19 Nov 2008
HP shares rallied 14.5 per cent to more than US$33 each yesterday on the New York Stock Exchange (NYSE) on predictions its fourth quarter revenue will surge 19 per cent to US$33.6 billion.
However, HP shares on the NYSE index fell below US$30 earlier in November, and HP’s price has a long way to go before it reaches a December 2007 high of around US$52 per share.
HP’s 10-year high on the NYSE peaked at around US$65 a share in mid-2000, just before the dot.com bubble burst.
Further reading
“HP delivered another solid quarter as it continues to benefit from its global reach, diverse customer base, broad portfolio and numerous cost initiatives,” said Mark Hurd, HP chairman.
“Our ability to execute in a challenging marketplace differentiates HP, enabling it to increase share, expand earnings and emerge from the current economic environment as a stronger force.”
HP announced revenue of $33.6bn in its preliminary results for the fourth quarter.
That’s an increase of 19 per cent year on year – or 16 per cent if adjusted for the recent volatility of the greenback.
Net revenue for the year is expected to be up 13 per cent to US$118.4bn.
“Excluding the impact of the EDS acquisition, HP revenue grew five per cent year over year or two per cent when adjusted for the effects of currency,” HP said in its NYSE announcement.
Earnings per share hovered around US$0.84-US$1, depending on whether after-tax amortisation of purchased intangibles, restructuring, in-process research and development and other acquisition-related charges were included.
“For the full fiscal year 2009, HP expects revenue of approximately US$127.5bn,” the company said.
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