HP Reports 3Q Earnings Down 5% – Printers Off 23%

HP has reported third quarter earnings are down 5% compared to last year. Printer sales were down 23%, mirroring trends across the market. Revenues were $29.7 billion, down from $31.2 billion. CEO Meg Whitman said they

HP’s earnings per share came in at $1.00, above the previously provided outlook of 94 to 94 cents per share and in line with its pre-announcements. EPS, though was down 9% from the prior-year period. For fiscal 2012, HP estimates non-GAAP diluted EPS to be in the range of $4.05 to $4.07, at the low end of the previously provided outlook.

Like Dell’s results yesterday, HP showed its steepest declines in its consumer products with revenue off 13% year over year for hardware and printer units down 23%.

Whitman said the company will introduce this fall a new line of PCs and tablets with a “design” focus. HP will also introduce new security software and enterprise services offerings.

Here’s a look at the overall results:

It’s hard to overlook the impact Whitman is having on the company. She is positioning the company for the long term but careful to be open about the company and its short term problems.

3Par is the shining light in the earnings results. HP said revenues for the storage group were up 60% but still not enough to impact sales for the storage group.

But overall, the results show how much turmoil there still at HP. Enterprise software increased just 2% and inventory is still a question mark.

Behind the curtain, Whitman says there is some real change. They are looking at the overall business and will step up divestitures.