HP earnings at $US617 million for Q3
- 27 August, 1997 14:20
BOSTON - Hewlett-Packard has reported net earnings of $US617 million for the third quarter, or 58 cents per share, compared to $US425 million, or 40 cents per share, for the same period last year.
Net revenue for the quarter was $US10.5 billion, up from the $US9.1 billion reported for the third quarter last year, Hewlett-Packard officials said.
Orders for the quarter increased 19 per cent over last year's third quarter to $10.4 billion, officials said. Orders in the US grew 25 per cent, in Europe 13 per cent, and in Asia-Pacific, Canada and Latin America 18 per cent.
Officials said they were pleased with HP's net revenue and the growth in orders, but were disappointed with the cost of sales for the quarter, which increased faster than in recent quarters. Officials also said that a significant downturn in HP's medical business, attributable to shipment delays in some product lines, had negatively affected the company's net earnings.