HP announced financial results for the third quarter of fiscal 2014. Some of the specific highlights include:
Q3 performance was driven by very strong revenue growth in Personal Systems, as well as growth in Industry Standard Servers and Networking. Performance in Printing, Enterprise Services and Software was mixed with good profitability but weaker than expected top line results.
Q3 revenue grew 1% year-over-year to $27.6 billion.
Non-GAAP EPS was $0.89, up 3% from the prior-year period, and at the high end of our outlook range of $0.86 to $0.90 per share.
GAAP EPS was $0.52 versus the previously provided outlook of $0.59 to $0.63 per share due to higher than estimated restructuring charge in Q3.
We generated strong Q3 cash flow from operations of $3.6 billion, up 36% from the prior-year period, with $2.7 billion in free cash flow.
We estimate Q4 non-GAAP EPS to be in the range of $1.03 to $1.07 and GAAP EPS to be in the range of $0.83 to $0.87.
We estimate FY14 non-GAAP EPS to be in the range of $3.70 to $3.74, at the high end of our previously provided outlook range of $3.63 to $3.75. We estimate GAAP EPS to be in the range of $2.75 to $2.79.
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Additional information about our financial results and subsequent activities can be found on the on HP Investor Relations site.
HP Reports Fiscal 2014 Third Quarter Results