Continued growth of the business firm, a record operating cash flow
Second quarter revenue reached 22.6 billion U.S. dollars, up 5% over last year, or 8% (after considering the exchange rate changes)
Accordance with generally accepted accounting principles (GAAP) operating profit was 1.7 billion U.S. dollars, earnings per share of 51 cents to 33 cents higher than last year, a substantial increase over the same period.
According to non-GAAP (Non-GAAP), operating profit was 1.8 billion U.S. dollars, earnings per share of 54 cents, 37 cents higher than last year, a substantial increase over the same period.
Operating cash flow was 3.6 billion U.S. dollars, a record high.
May 17, 2006 HP announced this year ended April 30, 2006 second quarter financial report report. Second quarter revenue of 22.6 billion U.S. dollars, up 5% over last year, or 8% (after the exchange rates), according to generally accepted accounting principles (GAAP) operating profit was 1.7 billion U.S. dollars, 51 cents per share, compared with same period last year a substantial increase of 33 cents.
According to non-GAAP (Non-GAAP), operating profit was 1.8 billion U.S. dollars, earnings per share of 54 cents to 37 cents a year earlier compared with a substantial increase. Non-GAAP (Non-GAAP) for the second quarter financial statistics, including 97 million U.S. dollars in after-tax adjustment, or 3 cents per share, related primarily to amortization of intangible assets. Generally accepted accounting principles (GAAP) and non-generally accepted accounting principles (Non-GAAP) financial statistics only include stock-based compensation expense.
"HP's second quarter record results." Hewlett-Packard CEO and President Mark Hurd said. "Our increased revenue, profit up, record cash flow. Meanwhile, the company's strategy continues to be effectively implemented in our ongoing success for the company's long-term investment."
Compared with the same period last year, second quarter revenue in North America increased 10% to 9.7 billion U.S. dollars, European Middle East and Africa declined 2% to 9 billion U.S. dollars, Asia Pacific grew 7% to 3.9 billion. Such as calculating the exchange rate impact, revenue in Europe, the Middle East and Africa region grew 6%, Asia-Pacific revenues increased 10%.
Information products and business channels to Group
Information products and business channels, the Group's revenue of 70 billion U.S. dollars, up 10% over the same period last year, with unit shipments up 16% last year. Compared with the same period last year, desktop revenue increased 1%, notebook revenue grew 27%, commercial desktop revenue increased 3%, while Consumer client revenue increased 24%. Information products and business channels, the Group's operating profit was 248 million U.S. dollars, accounting for 3.6% of revenue, significantly more than last year 147 million U.S. dollars of operating profit (2.3% of total revenue).
Imaging and Printing Markets Group
This quarter, Imaging and Printing Group revenue market by 67 billion U.S. dollars, an increase of 5% over the same period last year. Compared to last year, supplies revenue grew 10%, commercial hardware revenue grew 4% last year, consumer hardware revenue decreased 8%. Imaging and Printing Group's key market areas of business growth. Color laser printer shipments up 38%, multi-function printer shipments up as much as 44%. HP Indigo without film print 42% compared to same period last year. Imaging and Printing Group's operating profit consumer market of 10 billion U.S. dollars, accounting for 15.5% of revenue. Last year's operating profit was 8.14 billion U.S. dollars, accounting for 12.7% of revenue.
Enterprise Storage and Servers
Enterprise storage and server revenue was 43 billion, an increase of 2%. Compared to last year, industry-standard server revenue increased 4%, with blade revenue growth of 60% growth in external disk arrays driven, networked storage revenue grew 8%, high-end XP revenue grew 8%, in end EVA product line revenue growth of 46% of business-critical systems revenue declined PARISC and Alpha of 7%, but the kinetic energy of the server revenue grew 93%. Enterprise Storage and server this quarter operating profit of 322 million U.S. dollars, accounting for 7.5% of revenue, operating profit last year accounted for 4.3% of revenue, totaling 180 million U.S. dollars compared to soar.
HP Services
HP Services revenue declined 2% year on year, to 3.9 billion. Compared to last year, down 4% technical services, consulting and integration services revenues declined 2%, an increase of 2% management services. But if you do not take into account the impact of the exchange rate, HP Services operating income increased 2% year on year, operating profit was 345 million U.S. dollars, accounting for 8.9% of revenue. And 7.3% of revenue last year, 2.92 billion dollars in operating profit compared to a significant increase.
Software
Software revenue was up 330 million U.S. dollars, compared with 20% jump from last year, including HP OpenView and HP OpenCall revenue grew 25% and 11%. HP OpenView's strong growth, thanks to the recent completion of the acquisition of Peregrine Systems, Inc. arising from the strong driving force for the HP OpenView software family, a significant increase in asset and service management components. Software, operating profit in the quarter to 300 million, accounting for 0.9% of revenue, while operating loss last year to 200 million.
Financial Services
HP Financial Services revenue was 518 million U.S. dollars, fell by 5%, 14% decrease in total capital, net assets increased by 1%, operating profit was 39 million U.S. dollars, accounting for 7.5% of revenue compared to same period last year -------- reduction for the 58 million U.S. dollars last year, accounting for 10.7% of revenue.
Asset Management
The end of this quarter, total inventory of 68 million, an increase of 37 million U.S. dollars the previous quarter, compared with same period last year 304 million U.S. dollars. Accounts receivable for the 9.8 billion U.S. dollars, an increase of 1.1 billion the previous quarter, an increase over last year 517 million U.S. dollars. HP second-quarter dividend of 8 cents per share, spending a total of 226 million U.S. dollars in cash. In addition, HP in the second quarter will be 1.3 billion U.S. dollars in cash to repurchase approximately 4,000 million shares of common stock. Through the company's prepaid variable share purchase program, HP has repurchased 700 million shares of common stock. HP exited the quarter with total cash of 141 million, which includes 14 billion in cash and cash equivalent securities, as well as 12 million U.S. dollars in short-term and long-term investment 18 million U.S. dollars.
Prospects
HP expects third-quarter 2006 revenue will be about 21.75 billion U.S. dollars, fiscal 2006 revenue will reach 91 billion U.S. dollars, with analysts expectations.
The third quarter, according to generally accepted accounting principles (GAAP), earnings per share will range between 41 cents and 44 cents; according to generally accepted accounting standards cost side (non-GAAP), earnings per share will range from 45 cents and 48 cents. Non-GAAP (non-GAAP) earnings per share exclude after-tax amortization of intangible assets of 4 cents for the cost. Third quarter GAAP (GAAP) and non-GAAP (non-GAAP) earnings per share were 3 cents, including stock-based compensation expense.
2006 fiscal year, according to generally accepted accounting principles (GAAP) earnings per share will range between 1.87 and 1.91 U.S. dollars; in accordance with the non-generally accepted accounting principles (non-GAAP) earnings per share will range between 2.04 U.S. dollars and 2.08 U.S. dollars . Annual non-GAAP (non-GAAP) earnings per share exclude after-tax amortization of intangible assets of 17 cents for the cost. Annual non-GAAP (non-GAAP) and Generally Accepted Accounting Principles (GAAP) earnings per share includes 13 cents of stock-based compensation expense.
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