(RTTNews) - Computer and printer maker Hewlett-Packard Co. (HPQ: News ) said Monday after the markets closed that its fourth quarter profit rose 14% from last year, as cost cuts helped improve margins and offset an 8% decline in revenue. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly revenue. At the same time, the company raised its revenue and earnings guidance for the fiscal year 2010.

The Palo, Alto, California-based company reported GAAP net income for the fourth quarter of $2.4 billion or $0.99 per share, compared to $2.1 billion or $0.84 per share for the year-ago quarter.

The latest quarter results include after-tax costs related mainly to the amortization of purchased intangibles, restructuring charges and acquisition-related charges of $0.15 per share, compared to $0.19 per share in the year-ago quarter.

Excluding items, non-GAAP net income for the fourth quarter was $2.8 billion or $1.14 per share, compared to $2.6 billion or $1.03 per share in the prior year quarter.

On average, 30 analysts polled by Thomson Reuters expected the company to earn $1.13 per share for the fourth quarter. Analysts' estimates typically exclude special items.

GAAP operating margin for the fourth quarter improved to 10.2% from 8.2% a year ago, while non-GAAP operating margin increased to 11.8% from 10.1% last year.

HP, which is the world's largest technology company, said net revenue for the fourth quarter fell 8% to $30.78 billion from $33.60 billion in the same quarter last year. Fourth quarter revenue grew 11.6% sequentially. Twenty-nine analysts had a consensus revenue estimate of $30.36 billion for the fourth quarter.
Results were in line with the preliminary figures the company released earlier this month.

Fourth quarter revenue in the Americas fell 3% year-over-year to $13.6 billion, while revenue in Europe, the Middle East and Africa dropped 17% to $11.7 billion and Asia Pacific revenue declined 1% to $5.4 billion.

Fourth quarter revenue from the company's international business constituted 64% of the total revenue. Revenue from the so-called emerging markets of Brazil, Russia, India and China fell 4% over the prior year period and accounted for 10% of total revenue. China revenue for the quarter jumped more than 20%.

Fourth quarter revenue from HP's Personal Systems Group fell 12% year-over-year to $9.9 billion, with unit shipments up 8%. Notebook revenue for the quarter declined 8%, while Desktop revenue dropped 16%. HP is the world's largest PC maker. It had taken the world PC lead from Dell in 2006.

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