Hewlett-Packard’s Q3 Profit Meets View, but Future without Hurd in Question (HPQ)

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PC Hewlett-Packard Company ( HPQ ) late Thursday reported third quarter earnings that were in-line with analyst expectations, but investors remained tentative about the company's future amid its search for a new CEO.

The Palo Alto, CA-based company reported fiscal third quarter net income of $1.77 billion, or 75 cents per share, compared with $1.67 billion, or 69 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was $1.08 per share.

Revenue rose 11% from last year, to $30.7 billion.


On average, Wall Street analysts expected a matching profit of $1.08 per share, on slightly lower revenue of $30.4 billion.

For the full year, the company predicted profits to range from $4.49 to $4.51 per share, which straddles analyst estimates of $4.50 per share.

Hewlett-Packard shares fell 56 cents, or -1.4%, in premarket trading Friday.

The Bottom Line
We had removed shares of HPQ from our recommended list back on Oct.1, 2009, when the stock was trading at $47.21. The company has a .79% dividend yield, based on last night's closing stock price of $47.21. The stock has technical support in the $35-$37 price area. If the shares can firm up, we see overhead resistance around the $44 price level. We would remain on the sidelines for now.

Hewlett-Packard Company ( HPQ ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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