HP: We'll outpace the market in 2010

HP is bullish on 2010. And today, at a Securities Analyst meeting, CEO Mark Hurd said he expects the IT industry to return to growth in 2010 and went so far as to say that HP will outpace the market. In a statement, Hurd said:

Our broad product and services portfolio and global scale give HP a clear competitive advantage. As a result, we see tremendous opportunity to grow our business and improve earnings while delivering value to our customers.

The company provided HP's outlook for the year, with revenue expected to be between $117 billion and $118 billion, reflecting a year-over-year growth of 3-4 percent. GAAP earnings per share is expected to be $3.60 to $3.70, a year-over-year jump of 17-20 percent, and non-GAAP of $4.20 to $4.30, or 10-13 percent year-over-year. Here's a look at how that breaks down by segment:

Executives stressed the opportunities to invest in innovation and sales to expand its portfolio and market coverage. The company said it plans to improve margins, by leveraging a leaner cost structure, while continuing to invest for growth.

In a Q&A with analysts, Hurd addressed projections for the printing division, once considered a cash cow for the company. The company sees strong growth ahead in printing and execs noted that more revenue will come from hardware than supplies. Hurd said he expects "strong, let me say it one more time, strong growth" in printing segments and will be aggressive about gaining market share. "If the market is there, we'll be there to get it," he said.