HP has announced its financial results for the third fiscal quarter, ended 31 July, with net revenue of $21.9 billion, representing a growth of five per cent year-over-year. Generally Accepted Accounting Principles (GAAP) operating profit was $1.5 billion and GAAP diluted earnings per share (EPS) was $0.48 per share, up from $0.03 in the previous year period. GAAP financial information for the third quarter 2005 reflected a tax adjustment resulting from HP’s decision to repatriate $14.5 billion in cash from foreign earnings.

Non-GAAP operating profit was $1.7 billion, with non-GAAP diluted EPS of $0.52, up from $0.36 in the previous year period. Non-GAAP financial information excludes $108 million of adjustments on an after-tax basis, or $0.04 per diluted share, related primarily to amortisation of purchased intangibles. GAAP and non-GAAP financial information includes stock-based compensation expense in the current financial period only.

“HP delivered another solid quarter, with strong revenue growth, improved margins and healthy cash flow,” said chief executive officer and president Mark Hurd. “We gained share without sacrificing margins and continue to execute well against our long-term plan. This is visible in our third quarter results and improved fourth quarter outlook.”

During the quarter, on a year-over-year basis, revenue in the Americas grew by eight per cent to $9.7 billion, revenue in Europe, the Middle East and Africa grew by two per cent to $8.4 billion, and revenue in Asia Pacific grew by seven per cent to $3.8 billion. When adjusted for the effects of currency, revenue in the Americas grew by seven per cent, revenue in Europe, the Middle East and Africa grew by three per cent, and revenue in Asia Pacific grew by eight per cent.