8-21-13 7:01 PM EDT | Email Article

By MarketWatch


H-P chief says revenue growth 'unlikely' next year


Shares of Hewlett-Packard Co.(HPQ)slid more than 5% in after-hours trades on Wednesday after CEO Meg Whitman said revenue growth for the high-tech giant was "unlikely" in the 2014 fiscal year. The comments were made on aconference callwith investors to discuss the. Whitman cited continued weakness in the PC business and "very disappointing" performance in the company's enterprise group. She had stated back in May that overall revenue growth was possible in fiscal 2014. "Particularly given the challenges I just highlighted in enterprise group and personal systems as well as the fact that 2013 revenue from key accounts in enterprise services is running off more slowly than anticipated, we now expect that total company year-over-year revenue growth in fiscal 2014 is unlikely," she said.


H-P swings to a profit, but sales fall 8%


Hewlett-Packard Co.(HPQ)on Wednesday reported a fiscal third-quarter profit of $1.39 billion, or 71 cents a share, compared with a loss of $8.86 billion, or $4.49 a share, for the year-earlier period. Revenue slipped to $27.2 billion from $29.7 billion. On an adjusted basis, the company reported a profit of 86 cents a share. Analysts polled by FactSet on average were expecting the Palo Alto, Calif.-based company to report a profit of 87 cents a share, on revenue of $27.3 billion. For its full fiscal 2013, the company said it expects adjusted profit in the range $3.53 to $3.57 a share. Analysts were expecting the company to report $3.56 a share. Shares of H-P were last trading down a fraction.


J.M. Smucker profit rises 14%, sales inch down 1%


J.M. Smucker Co.(SJM)said Wednesday its fiscal 2014 first-quarter profit rose to $126.6 million, or $1.19 a share, from $110.9 million, or $1.00 a share, in the year-ago period. Net sales edged down 1% to $1.35 billion from $1.37 billion a year earlier. Analysts polled by FactSet had expected earnings of $1.20 on revenue of $1.34 billion a share in the first quarter. The company, which owns brands including Smucker's, Folgers and Pillsbury, said it expects fiscal 2014 sales to fall about 1% and projects adjusted per-share earnings of $5.72 to $5.82 for the period.


Staples misses forecasts on earnings, adjusts view


Staples Inc.(SPLS)on Wednesday missed Wall Street's earnings estimates as it posted lower sales and earnings for the second quarter. The office-products retailer said strength in online sales was offset by weakness in retail stores and international units. Staples said it earned $102.5 million, or 16 cents per share in the second quarter, versus $120.4 million, or 18 cents per share a year ago. Sales for the company fell to $5.31 million versus $5.43 million in the year-ago period. A survey of analysts polled by FactSet were forecasting earnings of 18 cents. Staples said its results were weaker than expected and adjusted its sales and earnings outlook. It expects 2013 sales to fall in the low single-digits versus 2012 sales on a 52 week basis of $23.9 billion, and sees 2013 diluted EPS from continuing operations to be in the range of $1.21 to $1.25. Staples expects to generate more than $900 million of free cash flow and plans to continue buying back shares during 2013.


Lowe's posts 26% rise in profit, beats views


Home-improvement retailer Lowe's Companies Inc.(LOW)on Wednesday reported better-than-expected second-quarter earnings, with net profit rising to $941 million, up 26% from $747 million in the year-ago period. Earnings per share jumped 37.5% to 88 cents from 64 cents last year. Sales climbed to $15.71 billion from $14.25 billion. Analysts surveyed by FactSet expected earnings of 79 cents a share on sales of $15.07 billion. Cash dividends rose to 18 cents from 16 cents. For the full year, the company said it expects comparable sales to rise about 4.5%, and it plans to open 10 more stores. Earnings are expected to come in at $2.10 a share.

-MarketWatch; 415-439-6400; AskNewswires@dowjones.com


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08-21-13 1901ET

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