Information technology company Hewlett Packard Enterprise (HPE) turned to profit in the second quarter of 2018 from a loss last year. The company’s adjusted earnings and revenues exceeded expectations, aided by strong performance from all the business segments.
Net income, adjusted for non-recurring items, was $536 million or $0.34 per share, compared to $587 million or $0.35 per share in the same period last year. The result came in above market expectations. The company posted earnings of $0.49 per share on a reported basis, marking an improvement from the $0.37 per share loss recorded a year earlier.
A 7% increase in Hybrid IT revenues, the company’s core business segment, lifted overall revenues by 10% to $7.47 billion. Improved performance from Financial Services unit and a double-digit growth in Intelligent Edge division revenues also contributed to the top-line.
“We delivered revenue growth in all business segments, expanded overall profitability, completed important milestones in our HPE Next initiative and continued to invest in innovation. I’m confident we will deliver on our annual FY18 outlook,” said CEO Antonio Neri.
Hewlett Packard, which is on the path of a turnaround, raised its quarterly dividend by 50% during the second quarter and returned around $1 billion to shareholders in the form of dividends and share repurchases.
Adjusted earnings and revenues exceeded expectations, aided by strong performance from all the business segments
Taking a cue from the sustained improvement in quarterly financial performance, the company revised up its full-year earnings guidance to the range of $1.70 per share to $1.80 per share, and raised the outlook for adjusted earnings to the $1.40-$1.50 per share range. Adjusted earnings exclude after-tax charges related to transformation costs and the amortization of intangible assets.
For the third quarter, the California-based company forecasts earnings in the range of $0.19 to $0.23 per share and adjusted earnings between $0.35 and $0.39 per share.
After climbing more than 20% since the beginning of 2018, shares of Hewlett Packard gained further in the after-hours Tuesday following the earnings announcement.
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With the corporate world rapidly shifting to cloud-native computing after the virus outbreak changed work culture and the way businesses operate, technology providers are aggressively innovating their offerings. Hewlett Packard