H-P Raises 3Q Outlook Above Wall Street Expectations

By FOXBusiness

Hewlett-Packard (NYSE:HPQ) raised its previously released third-quarter earnings outlook on Wednesday, sending its shares up 5%.

Continue Reading Below

The Palo Alto, Calif.-based computer maker now expects to make at least $1 a share, excluding one-time impairment charges, in the third quarter, up from an earlier view of 94 cents to 97 cents.

The revised outlook would top current average analyst estimates in a Thomson Reuters poll of 97 cents.

Including restructuring costs and impairment charges related to recent trading values of H-P’s stock, coupled with market conditions and business trends in its services segment, the Silicon Valley giant expects to lose $4.31 to $4.49 in the current quarter.

The company did not update its full-year outlook.

Meanwhile, H-P announced a slew of managerial changes, promoting Mike Nefkens, currently senior vice president and general manager of H-P Enterprise Services of Europe, Middle East and Africa, to lead H-P enterprise services on an acting basis.

Nefkens is replacing John Visentin, who is leaving the company to pursue other interests. H-P said Nefkens will be responsible for driving growth across H-P’s applications, business processing and outsourcing services.