In the first quarter, GAAP operating profit was 2.5 billion dollars while GAAP diluted earnings per share was down 0.75 dollars from 0.80 dollars in the prior-year period.
Non-GAAP operating profit was 3.1 billion dollars, while non-GAAP diluted earnings per share was 0.93 dollars, up from 0.86 dollars a year earlier.
Non-GAAP financial information excludes 431 million dollars of adjustments on an after-tax basis, or 0.18 dollars per diluted share, related primarily to amortization of purchased intangible assets, restructuring charges and acquisition-related charges. GAAP and Non-GAAP diluted EPS include 0.03 dollars of charges related to currency hedging losses.
Revenue grew 11% in the Americas to 12.4 billion dollars. In Europe, Middle East and Africa, the revenues slid 3% and in Asia Pacific fell by 11%, down to 12 billion dollars and 4.4 billion dollars respectively.
When adjusted for the effects of currency, revenue grew 13% in the Americas and 1% in Europe, the Middle East and Africa while declining 9% in Asia Pacific.
Revenue from outside of the United States in the first quarter accounted for 65% of total revenue, with revenue in the BRIC countries (Brazil, Russia, India and China) declining 22% over the prior-year period while accounting for 7% of total HP revenue.
HP estimates second quarter revenue will decline approximately two to three percent in the fiscal year 2009 from the prior-year period. The IT giant estimates full fiscal year revenue will decline approximately two to five percent from the prior-year period.
HP’s outlook for the second quarter of and the full fiscal year 2009 assumes that first quarter market conditions will persist.
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