The company reports first-quarter net income of $721 million, its best quarter since merging with Compaq.
Hewlett-Packard got its new fiscal year off to a fast start. The company Tuesday reported a profit of $721 million, or 24 cents a share, on revenue of $17.9 billion for its first quarter, ended Jan. 31. This compares with a profit of $484 million, or 25 cents a share, on revenue of $11.4 billion a year ago, before the completion of its merger with Compaq in May.
HP's imaging and printing business again led the way, generating a quarterly profit of $907 million on revenue of $5.6 billion, up from a profit of $742 million on revenue of $5.1 billion a year ago. The company's IT services business nearly doubled, thanks largely to the Compaq acquisition. Services generated $341 million in profit on $2.96 billion in revenue, compared with $203 million in profit on $1.56 billion in revenue for the first quarter a year ago.
Strong sales of consumer PCs and handheld devices offset weakness in commercial products in HP's personal systems group, which recorded $33 million in profit on $5.1 billion in sales. The enterprise systems group continued to struggle, losing $83 million on revenue of $3.7 billion.
5 Top Federal Initiatives For 2015As InformationWeek Government readers were busy firming up their fiscal year 2015 budgets, we asked them to rate more than 30 IT initiatives in terms of importance and current leadership focus. No surprise, among more than 30 options, security is No. 1. After that, things get less predictable.