HP reports strong revenue and profit growth

Hewlett-Packard Company today announced second fiscal quarter results, reporting EPS of 87 cents, and revenue and earnings growth of 15 percent and 17 percent respectively, before certain equity gains and charges.

PALO ALTO, Calif., 16 May 2000 - Revenue growth from continuing operations was 15 percent for the second fiscal quarter, compared with 4 percent in the second quarter of last year. Adjusted for currency effects, revenue growth was 17 percent. Net revenue from continuing operations was $12 billion, compared with $10.5 billion in last year's second quarter.

EPS (earnings per share) from continuing operations was 87 cents on a diluted basis before expenses related to HP's Enhanced Early Retirement program, the spin-off of Agilent Technologies, the incremental effect of Stock Appreciation Rights (SARs) and certain equity gains during the quarter. Including these items, EPS was 79 cents per share, on a diluted basis, on approximately 1.04 billion shares of common stock and common-stock equivalents outstanding.

Adjusted for these items, net earnings grew 17 percent to $899 million from continuing operations for the second quarter of 2000. This compares with reported net earnings of $766 million and EPS from continuing operations of 73 cents in the second quarter of last year.

More information on this quarter's earnings is available at HP's Investor Information site.

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