Personal computer and printer maker HP (HPQ) late Tuesday beat expectations for earnings in its fiscal second quarter but missed views on sales. Its earnings outlook for the current quarter and full fiscal year were above estimates. Still, HPQ stock fell in extended trading.
XThe Palo Alto, Calif.-based company earned an adjusted 80 cents a share on sales of $12.91 billion in the quarter ended April 30. Analysts polled by FactSet had expected earnings of 76 cents a share on sales of $13.07 billion. On a year-over-year basis, HP earnings fell 26% while sales declined 22%.
"Our disciplined execution and strong innovation in a tough macro environment allowed us to deliver non-GAAP EPS (adjusted earnings per share) at the high end of our target in Q2," Chief Executive Enrique Lores said in a news release. "We are well-positioned to win in our markets and drive long-term sustainable growth."
Based on the midpoint of its guidance, HP forecast adjusted earnings of 86 cents a share in its fiscal third quarter and $3.40 a share for the full fiscal year. Analysts were looking for 85 cents and $3.31, respectively.
HPQ Stock Retreats After Report
In after-hours trading on the stock market today, HPQ stock sank 2.5% to 30.15. During the regular session, HPQ stock dropped 1.2% to close at 30.93. In intraday trading, HP shares flirted with a buy point of 31.57 out of a flat base, according to IBD MarketSmith charts.
In its fiscal second quarter, HP's PC sales dropped 29% year over year to $8.2 billion. The company's printing division reported a sales decline of 5% to $4.7 billion.
In the calendar first quarter, Warren Buffett's Berkshire Hathaway (BRKB) increased its ownership stake in HP to about 12%.
HPQ stock ranks sixth out of 14 stocks in IBD's Computer Hardware/Peripherals industry group, according to IBD Stock Checkup. It has a so-so IBD Composite Rating of 75 out of 99.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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HP Misses Revenue Target Amid Continued Soft PC Sales - Investor's Business Daily
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