In the second quarter, GAAP operating profit was $2.3 billion and GAAP diluted earnings per share (EPS) was $0.70, down from $0.80 in the prior-year period. Non-GAAP operating profit was $2.8 billion, with non-GAAP diluted EPS of $0.86, down from $0.87 in the prior-year period. Non-GAAP financial information excludes $382 million of adjustments on an after-tax basis, or $0.16 per diluted share, related primarily to amortization of purchased intangible assets, restructuring charges and acquisition-related charges.
“Disciplined focus on operational efficiencies and execution drove record cash flow,” said Mark Hurd, HP chairman and chief executive officer. “Our services business continued to deliver strong profitability with an increased deal pipeline and the EDS integration tracking ahead of schedule.”
| Q2 FY09 | Q2 FY08 | Y/Y | |||||||
| Net revenue ($B) | $ | 27.4 | $ | 28.3 | -3% | ||||
| GAAP operating margin | 8.4% | 9.2% | (0.8 pts) | ||||||
| GAAP net earnings ($B) | $ | 1.7 | $ | 2.1 | -17% | ||||
| GAAP diluted EPS | $ | 0.70 | $ | 0.80 | -13% | ||||
| Non-GAAP operating margin | 10.4% | 10.0% | 0.4 pts | ||||||
| Non-GAAP net earnings ($B) | $ | 2.1 | $ | 2.2 | -6% | ||||
| Non-GAAP diluted EPS | $ | 0.86 | $ | 0.87 | -1% | ||||
