Hewlett-Packard Co., the world's largest personal computer manufacturer, breezed past Wall Street's estimates as the technology bellwether continued to cash in on healthy sales of laptop computers and lucrative printing ink. The biggest sales jump in revenue came within the company's Personal Systems Group, HP's biggest source of revenue, a division which includes desktop and laptop computers. Bolstered by laptop sales that grew 54 percent over last year, revenue within the segment grew from $6.92 billion last year to $8.89 billion this year. Even the Imaging and Printing Group showed a healthy growth, with the operating profit rising 11 percent from $884 million to $981 million, providing HP with nearly 40 percent of the company's total operating profit; this comes despite analysts' concerns over a slowdown in Imaging Group sales due to lower priced offerings from Kodak.
Overall, HP's net income for the third quarter was $1.78 billion, or 66 cents per share, a 29 percent jump from the $1.38 billion, or 48 cents per share in the year-ago period. Excluding one-time charges, the Palo Alto-based company earned 71 cents per share, 5 cents higher than the average estimate of analysts polled by Thomson Financial. Sales for the period were $25.38 billion, a 16 percent increase from the $21.89 billion recorded a year ago. Revenues were more than $1 billion higher than the $24.09 billion in sales that analysts had been predicting.
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