No Big Structural Changes Planned, HP's Hurd Says - InformationWeek

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5/17/2005
07:06 PM
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No Big Structural Changes Planned, HP's Hurd Says

Hewlett-Packard's new president and chief executive, Mark Hurd, has no immediate plans to change the overall business-unit structure of the company.

In his first quarterly financial report as president and chief executive of Hewlett-Packard, Mark Hurd said Tuesday that he has no immediate plans to change the overall business-unit structure of the company.

"I am not working on spinning off anything, at least at the moment," Hurd said in a conference call. "Every one of our businesses has a capability to improve."

Hurd also said that the company "continues to evaluate" the potential of taking a write-down loss on assets associated with its acquisition of Compaq. "There is an impression that taking a write-down is a judgment you can make at any time you'd like, and that's now exactly how it works," he said. "That decision is one we will continue to evaluate. We will always look to see if we have an impairment, and if we do, we'll take an action."

For the company's second quarter ended April 30, HP reported earnings of $966 million, or 33 cents per share, on revenue of $21.6 million, compared with earnings of $884 million, or 29 cents per share, on revenue of $20.1 billion in the same quarter a year ago.

For the first six months of fiscal year 2005, HP has reported earnings of $1.9 billion, or 66 cents a share, on revenue of $43 billion, compared with earnings of $1.8 billion, or 60 cents per share, on revenue of $39.6 billion in the first half of fiscal year 2004.

Hurd took over as president and chief executive of HP, replacing Carly Fiorina, who was fired in February.

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