Well, even though the president of the United States is claiming we're not yet in a recession; a lot of companies aren't performing so well, it appears layoffs are imminent and the stock markets have been more volatile than usual. It appears that HP (NYSE: HPQ) may be the only beacon in the gathering darkness.
HP announced their 1st fiscal quarter results for 2008 and with net revenue of $28.5 billion, up 13% from a year earlier and up 8% when adjusted for the effects of currency; they've got a lot to be proud of, so I'm sure Mark Hurd is getting his back slapped constantly:
"In the first quarter, GAAP operating profit was $2.6 billion and GAAP diluted earnings per share (EPS) was $0.80, up from $0.55 in the prior-year period. Non-GAAP operating profit was $2.8 billion, with non-GAAP diluted EPS of $0.86 up from $0.65 in the prior-year period."
It seems that all of their business units (see below) reported a profit and healthy growth:
- Personal Systems Group (PSG)
- Imaging and Printing Group (IPG)
- Enterprise Storage and Servers (ESS)
- HP Services (HPS)
- HP Software
- HP Financial Services (HPFS)
- Asset management
HP also estimates 2nd quarter revenue will be approximately $27.7 billion to $27.9 billion and overall fiscal year 2008 revenue to be approximately $113.5 billion to $114.0 billion. It almost makes me wish I had some stock.
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