Full year and outlook
Full year fiscal 2008
Net revenue for the full fiscal year was $118.4 billion, representing growth of 13% or 8% when adjusted for the effects of currency. GAAP operating profit was $10.5 billion and GAAP diluted EPS was $3.25, up from $2.68 in the prior year. Non-GAAP operating profit was $11.8 billion, with non-GAAP diluted EPS of $3.62, up from $2.93 in the prior year. Non-GAAP financial information excludes $973 million of adjustments on an after-tax basis, or $0.37 per diluted share, related primarily to the amortization of purchased intangible assets, restructuring charges, acquisition-related charges and in-process research and development charges.
Outlook
In providing its outlook for the first fiscal quarter and full year 2009, the company has taken into consideration the current challenging economic environment and the relative strength of the U.S. dollar. Based on current exchange rates, the company now expects an unfavorable year-over-year currency impact on revenue of approximately 5 percentage points in the first quarter and roughly 6-7 percentage points for the full fiscal year and this impact is reflected in its outlook.
For the first fiscal quarter of 2009, HP expects revenue of approximately $32.0 billion to $32.5 billion, GAAP diluted EPS in the range of $0.80 to $0.82, and non-GAAP diluted EPS in the range of $0.93 to $0.95. Q109 non-GAAP diluted EPS estimates exclude after-tax costs of approximately $0.13 per share, related primarily to the amortization of purchased intangibles.
For the full fiscal year 2009, HP expects revenue of approximately $127.5 billion to $130.0 billion, GAAP diluted EPS in the range of $3.38 to $3.53, and non-GAAP diluted EPS in the range of $3.88 to $4.03. FY09 non-GAAP diluted EPS estimates exclude after-tax costs of approximately $0.50 per share, related primarily to the amortization of purchased intangibles.
More information on HP's quarterly earnings, including additional financial analysis and an earnings overview presentation, is available on HP's Investor Relations website at www.hp.com/investor/home.
