HP Shares Up On Full-Year Outlook

(RTTNews) - Hewlett-Packard Co. (HPQ) Wednesday detailed its outlook for the full year 2014, the mid-point of which is expected to come in ahead of current Wall Street estimates. The computer maker also expects year-over-year revenue decline to soften in 2014.

Shares of HP surged over 7 percent on the New York Stock Exchange following the news.

The Palo, Alto, California-based company expect fiscal year 2014 earnings in the range of $2.85 to $3.05 per share, and adjusted earnings of $3.55 to $3.75 per share. Analysts polled by Thomson Reuters currently expect earnings of $3.63 per share for the year. Analysts' estimates typically exclude one-time items.

HP sees a moderate revenue decline in 2014 compared to 2013, as "pockets of growth" likely to offset continuing challenges in the macro environment and weak public sector spending.

Meg Whitman, HP president and chief executive officer, said, "While there is a lot more work to be done, I am confident about the progress we are making. We're producing tangible results, strengthening our balance sheet and delivering innovative products across all our key segments. We are implementing the changes needed to support our multi-year turnaround journey, reaffirm HP's leadership position, and create enduring value for customers as well as for our shareholders."

HPQ is currently trading at $22.28, up $1.53 or 7.37%, on a volume of 40.4 million shares on the NYSE.