HP posts third-quarter gains
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Manufacturing News, Source : TheManufacturer.com
Published : 04 Sep 2002 21:41
The new Hewlett-Packard/Compaq conglomerate is showing signs of success, reporting $16.5 billion in revenue for the third quarter of 2002.
The company’s combined revenue decreased 9%, while its pro forma gross margin increased from 25.5% to 25.7%. It is also halfway through its 10,000-head reduction goal to be completed by fiscal year end. Operating expenses decreased 10%, or $400 million, year to date. HP met all of its quarterly integration goals and remains on track for fourth quarter goals of $17.4 billion.
“Throughout our first 100 days, we’ve kept our eye on the ball,” said Carly Fiorina, HP chairman and CEO. “We’re hitting all our integration milestones and are on track to meet our second-half targets. The top 50 contracts we won in the quarter totaled $2 billion in new long-term revenue, and we exit the quarter with almost $12 billion in cash and equivalents. While we have more work ahead, given the tough economy and a major integration, we’ve accomplished a great deal.”
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