Hewlett-Packard Income Falls 13% in Third Quarter
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Hewlett-Packard reported a 13% decrease in net earnings and a 12% drop in orders for the third quarter ended July 31. Revenue rose 3%.
The company said its net earnings totaled $117 million. That compares to net earnings of $134 million during the third quarter of 1984.
Revenue was $1.283 billion, up from $1.278 billion.
Orders for the quarter were $1.478 billion, down from $1.685 billion in the third quarter of last year.
John A. Young, president and chief executive of the Palo Alto-based company, said that the decline in orders “was greater than we anticipated” and added that, because the firm is a major exporter, “some weakening of the U.S. dollar against local foreign currencies is an encouraging sign.” Orders from U.S. customers remained essentially flat, he said.
“We have our inventory levels well under control, and expenses are down from last quarter,” Young said.
For detailed data and results of other companies, please see tables, Page 20.
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