Hewlett-Packard Co. (HPQ: Quote) reported that its third-quarter net loss was $8.86 billion or $4.49 per share, compared to net income of $1.93 billion or $0.93 per share in the same quarter last year.
Non-GAAP net income for the quarter was $1.97 billion or $1.00 per share, compared to $2.28 billion or $1.10 per share in last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.98 per share for the quarter. Analysts' estimates typically exclude special items.
Third quarter non-GAAP earnings information excludes after-tax costs of $10.8 billion, or $5.49 per diluted share, related to the amortization and impairment of purchased intangible assets, the impairment of goodwill, restructuring charges, acquisition-related charges and charges relating to the wind-down of certain retail publishing business activities, including the previously announced charges related to the impairment of goodwill within HP's Services segment, the restructuring program announced in May 2012, and the impairment of the purchased intangible asset associated with the "Compaq" trade name.
Net revenues for the quarter declined to $29.67 billion from $31.19 billion in the prior year quarter. Twenty seven analysts had consensus revenue estimate of $30.10 billion for the quarter.
The company now estimates its fiscal 2012 GAAP loss per share to be in the range of $2.23 to $2.25. For fiscal 2012, the company now estimates non-GAAP earnings per share to be in the range of $4.05 to $4.07, at the low end of the previously provided outlook. Analysts polled by Thomson Reuters expected the company to report earnings of $4.07 per share for fiscal 2012. Analysts' estimates typically exclude special items.
While announcing the second-quarter result, the company expected earnings for the full-year fiscal 2012 to be in the range of $2.25 to $2.30 per share. The company expected adjusted earnings guidance to $4.05 to $4.10 per share.
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by RTT Staff Writer
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