HP 1st quarter 2006 profit

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HP reported a 30-per-cent rise in first-quarter profit as increased sales of notebook computers and printer supplies helped the technology bellwether top analyst expectations. Sales climbed 3.4 per cent in late trading. HP said it earned $1.23-billion (U.S.) or 42 cents a share in the period ended Jan. 31, up from $1.05-billion or 32 cents a share a year ago.

On an operating basis, HP earned $1.7-billion or 48 cents a share. Analysts were expecting earnings of 44 cents a share, according to a consensus provided by Thomson First Call. Sales climbed 5.6 per cent to $22.66-billion from $21.45-billion, just above analyst targets of $22.55-billion.

HP shares have risen 64 per cent since Mark Hurd took over as chief executive officer early in April, 2005. He replaced the more flamboyant Carly Fiorina, who spearheaded the controversial $18.9-billion purchase of rival Compaq.

HP forecast profit between 47 cents and 49 cents a share in the current quarter on sales between $22.4-billion to $22.6-billion. Analysts are currently expecting earnings of 45 cents a share on sales of $22.6-billion.