HP names new CFO as results show strength

Gains in personal computer and printing sales give the company a lift

Led by advances in its two main business lines, HP on Tuesday reported gains in its second-quarter earnings and sales, and named a new finance chief for the personal computer and printing industry company.

Following the stock-market close, HP said it earned 48 cents a share, excluding one-time items, on revenue of $14 billion in its second quarter, compared with a profit of 40 cents a share, on $12.4 billion in sales during the same period a year ago. HP’s earnings were in line with expectations of Wall Street analysts, while its sales exceeded analysts’ estimates of $13.57 billion.

HP took over the PC and printing businesses of the old Hewlett-Packard when that company split in two in late 2015. HP said that during the second quarter of this year, its sales from PCs reached $8.76 billion, up by 14 percent from a year ago, while printing revenue climbed by 11 percent, to $5.24 billion.

HP also named Steve Fieler as its new chief financial officer. Fieler, who is currently HP’s treasurer and head of corporate finance, will replace longtime HP executive Cathie Lesjak.

For her part, Lesjak will become HP’s interim chief operating officer until her planned retirement in early 2019.

In addition to reporting its quarterly results and CFO change, HP said that for its third quarter, it now expects to earn between 49 cents and 52 cents share, excluding one-time items, and for its full fiscal year, it is forecasting a profit in a range of $1.97 to $2.02 a share, up from its earlier estimate of earnings between $1.90 and $2 a share.

HP’s shares edged up by 0.6 percent, to $21.43 in after-hours trading following the release of the company’s results.