HP raises estimates for Q1

Higher than expected sales of desktop PCs, printers, scanners and digital cameras have prompted Hewlett-Packard to increase its previous earnings estimates for the first fiscal quarter that ended January 31.

In an announcement today, the company said the revised estimates are "based on an up-tick in consumer demand" that has affected its hardware lines.

When HP reported its fourth-quarter earnings in November, the company said it expected first-quarter results to be down slightly from the fourth quarter, based on normal seasonal trends.

The increased hardware sales, combined with continuing cost-savings measures, mean that the company now expects increased gross margins with expenses approximately flat with fourth-quarter levels. HP said it expects earnings "substantially above" current consensus analyst estimates of 16 cents a share.

"Economic conditions around the world continue to be challenging, but consumer technology spending is clearly showing some strength," said Carly Fiorina, HP's chairman and CEO, in a statement. "As a result, we are seeing better than expected revenues in our PC and imaging and printing businesses. We are not relenting on the expense side and continue to take decisive actions to improve our cost structure.

"We remain convinced that we are up to the task of successfully integrating Compaq and creating a powerful new HP," Fiorina said.

First-quarter results will be reported in a conference call with analysts after the stock market closes on February 13.

Late last month, HP's merger target, Compaq Computer, also announced that it had beaten analyst expectations for the fourth quarter and was raising its earnings estimates for 2002.

Join the newsletter!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Todd R. Weiss

Computerworld
Show Comments

Cool Tech

SanDisk MicroSDXC™ for Nintendo® Switch™

Learn more >

Breitling Superocean Heritage Chronographe 44

Learn more >

Toys for Boys

Family Friendly

Panasonic 4K UHD Blu-Ray Player and Full HD Recorder with Netflix - UBT1GL-K

Learn more >

Stocking Stuffer

Razer DeathAdder Expert Ergonomic Gaming Mouse

Learn more >

Christmas Gift Guide

Click for more ›

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Walid Mikhael

Brother QL-820NWB Professional Label Printer

It’s easy to set up, it’s compact and quiet when printing and to top if off, the print quality is excellent. This is hands down the best printer I’ve used for printing labels.

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Ratchada Dunn

Sharp PN-40TC1 Huddle Board

The Huddle Board’s built in program; Sharp Touch Viewing software allows us to easily manipulate and edit our documents (jpegs and PDFs) all at the same time on the dashboard.

George Khoury

Sharp PN-40TC1 Huddle Board

The biggest perks for me would be that it comes with easy to use and comprehensive programs that make the collaboration process a whole lot more intuitive and organic

Featured Content

Product Launch Showcase

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?