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H-P's FY15 guidance in-line; enterprise and printing ops under pressure

Nov. 25, 2014 4:25 PM ETHP Inc. (HPQ) StockBy: Eric Jhonsa, SA News Editor
  • H-P (NYSE:HPQ) expects FQ1 EPS of $0.89-$0.93 vs. a $0.93 consensus, and FY15 (ends Oct. '15) EPS of $3.83-$4.03 vs. a $3.95 consensus.
  • FQ4 PC revenue rose 4% Y/Y to $8.9B, a slowdown from FQ3's 12% growth. Commercial PCs +7%; consumer -2%.
  • Printing -5% to $5.7B vs. -4% in FQ3. Hardware units -1%; supplies -7%.
  • Enterprise hardware division revenue -4% to $7.3B, a reversal from FQ3's +2%. x86 servers -2%; storage -8%; business critical systems (Itanium) -29%; networking +2%; tech services -3%. The division just saw a leadership change.
  • Enterprise services -7% to $5.5B. App/business services -6%; IT outsourcing -7%.
  • Software -1% to $1.1B. License revenue +2%, an improvement from FQ3's 16% drop. But SaaS revenue was flat, and professional services down 5%. Financial services -1% to $906M.
  • GAAP gross margin rose 160 bps Y/Y to 24.6%. SG&A spend rose slightly to $3.36B, and R&D spend rose 20% to $876M. $750M was spent on buybacks.
  • HPQ -1.7% AH. FQ4 results, PR.

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