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HP issues upbeat guidance for 2014

October 09. 2013 2:36PM
Associated Press

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(AP) Hewlett-Packard is upbeat on 2014, saying it will be a year of "recovery and expansion."

The technology bellwether on Wednesday projected earnings for the fiscal year starting in November that exceeded analysts' forecasts and predicted "stabilizing revenue declines."

HP has been trying to ease the pain of a declining PC market that has hurt sales by cutting costs and focusing on more profitable areas.

In her presentation to analysts Wednesday, CEO Meg Whitman said that the company would focus on controlling costs and new products and services next year, and have stable leadership. "While there is a lot more work to be done, I am confident about the progress we are making," she said in a statement.

The San Jose, Calif., company expects net income, excluding one-time items, of $3.55 to $3.75 per share in fiscal 2014. The midpoint is 3 cents higher than the $3.62 analysts polled by FactSet had expected.

The company said it would also return at least half of the $6 billion to $6.5 billion in free cash flow next year to shareholders through dividends and buying back its own stock, which can support earnings per share.

HP's stock rose 6.1 percent to $22.01 in afternoon trading. The shares have gained about 55 percent this year.

Associated Press

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