HP REVENUE RISES 15 PERCENT; ORDERS INCREASE 13 PERCENT;
EARNINGS UP 2 PERCENT IN FIRST QUARTER
PALO ALTO, Calif., Feb. 17, 1998 -- Hewlett-Packard Company (NYSE: HWP) today reported a 15 percent increase in net revenue, an order increase of 13 percent and 2 percent growth in earnings for the 1998 fiscal year's first quarter, which ended Jan. 31.
Net earnings this quarter were a record $929 million, compared with $912 million in the first quarter last year. Earnings per share (EPS) on a diluted basis (1) were 86 cents on approximately 1.08 billion shares of common stock and common-stock equivalents outstanding. This compares with diluted EPS of 87 cents per share on approximately 1.05 billion shares and equivalents in the first quarter last year. The 1 cent decline in diluted EPS was due primarily to an increase in the number of outstanding shares of common stock and equivalents.
"We're quite pleased with this quarter's results," said Lewis E. Platt, HP chairman, president and chief executive officer. "Many parts of the company did well in an extremely challenging environment. Despite currency effects, we achieved very good revenue and order growth. Our profit margins were healthy, and overall this was a solid start to the year."