67.9 F
San Diego
Tuesday, Jun 25, 2024

HP Reports Earnings, Offers Update on CEO Search

Hewlett-Packard Co. reported earnings of $943 million on revenue of $21.5 billion for the quarter ended Jan. 31. In the year-ago quarter, the company reported earnings of $936 million on revenue of $19.5 billion.

The company announced earnings Feb. 16.

HP’s Imaging and Printing Group, based in San Diego, reported $6.07 billion in revenue in the recently completed quarter, up from $5.91 billion during the year-ago quarter. A subset of that number revenue from toner and other printing supplies was $3.27 billion, up from $3.03 billion.

Earnings from Imaging and Printing were $932 million in the recently completed quarter, down from $967 million in the year-ago quarter.

Imaging and Printing has an operating margin of 15.4 percent. The company recently combined the group with its personal computer operation, whose operating margin stands at 2.1 percent.

Hewlett-Packard employs about 2,000 people in San Diego, which is also home base for Vyomesh “V.J.” Joshi, head of the newly combined printer-and-PC group. Joshi is viewed as a possible candidate for HP’s top job. The company announced the departure of Chairman and Chief Executive Carly Fiorina early Feb. 9.

On Feb. 17 HP announced it had hired New York-based Russell Reynolds Associates to search for a new chief executive. The company said it would not comment further on the matter until a new chief executive was named.

The company’s stock trades on the New York Stock Exchange as HPQ. Shares closed Feb. 17 at $20.86, down from its Feb. 16 close of $21.06.

Brad Graves


Featured Articles

Hair Today, Hair Tomorrow

Oberon Eyes Europe for Renewable DME


Related Articles