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HP issues upbeat guidance for 2014
First Published Oct 09 2013 03:09 pm • Last Updated Oct 09 2013 03:09 pm

San Jose, Calif. » Hewlett-Packard is upbeat about 2014, saying it will be a year of "recovery and expansion."

The technology bellwether on Wednesday projected earnings for the fiscal year starting in November that exceeded analysts’ forecasts and predicted "stabilizing revenue declines."

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HP’s stock rose 6.1 percent to $22.01 in afternoon trading. The shares have gained about 55 percent this year.

HP has been trying to ease the pain of a declining PC market by cutting costs and focusing on more profitable areas.

In a presentation to analysts Wednesday, CEO Meg Whitman said the company will focus on new products and services next year while controlling costs under a stable leadership. "While there is a lot more work to be done, I am confident about the progress we are making," Whitman said in a statement.

The San Jose, Calif., company expects net income, excluding one-time items, of $3.55 to $3.75 per share in the 2014 fiscal year. The midpoint is 3 cents higher than the $3.62 analysts polled by FactSet expected.

The company said it would also return at least half of its $6 billion to $6.5 billion in free cash flow next year to shareholders through dividends and stock repurchases, which can support earnings per share.




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