HP unveil Q3 results

HP have announced financial results for its third fiscal quarter ended July 31, 2013.

Third quarter GAAP diluted earnings per share (EPS) was $0.71, up from a GAAP diluted loss per share of $4.49 in the prior-year period and above its previously provided outlook of $0.56 to $0.59 per share. Third quarter non-GAAP diluted EPS was $0.86, down from $1.00 in the prior-year period and within its previously provided outlook of $0.84 to $0.87 per share.Third quarter non-GAAP earnings information excludes after-tax costs of $286 million, or $0.15 per diluted share, related to amortization of purchased intangible assets, restructuring charges and acquisition-related charges.

For the third quarter, net revenue of $27.2 billion was down 8% year over year and down 7% when adjusted for the effects of currency.

• Third quarter non-GAAP diluted earnings per share of $0.86, down 14% from the prior year, within previously provided outlook of $0.84 to $0.87 per share
• Third quarter GAAP diluted earnings per share of $0.71, up from GAAP diluted loss per share of $4.49 in the prior year, above previously provided outlook of $0.56 to $0.59 per share
• Third quarter net revenue of $27.2 billion, down 8% from the prior year and down 7% when adjusted for the effects of currency
• Cash flow from operations of $2.7 billion, down 6% from the prior year
• Returned $283 million to shareholders in the form of dividends and share repurchases
• Improved operating company net debt position by $1.7 billion, the sixth consecutive quarterly reduction of over $1 billion

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