Earnings Results: HPE’s quarterly earnings blow past estimates

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Hewlett Packard Enterprise Co. on Tuesday reported better-than-expected quarterly earnings and sales in line with Street estimates, though shares slipped about 2% in after-hours trading.

The company HPE, -1.78% reported fourth-quarter net earnings of $2.55 billion, or $1.91 a share, compared with net earnings of $157 million, or 12 cents a share, in the same quarter a year ago. HPE said adjusted earnings were 52 cents a share, up from 41 cents a share in the year-ago quarter.

Revenue grew 2% to $7.35 billion from $7.2 billion a year ago.

“It was a great quarter on the demand front, and we managed well supply-chain constraints,” HPE Chief Financial Officer Tarek Robbiati told MarketWatch in a phone interview shortly after the results were released. “It is a nice springboard into the next fiscal year.” He said supply chain issues will linger into mid-2022.

Sales from compute ($3.2 billion, up 1%) and storage ($1.3 billion, up 3%) led the way. Intelligent Edge revenue was $815 million, an increase of 4% from the same quarter a year ago.

Analysts surveyed by FactSet had expected net income of 48 cents a share on revenue of $7.38 billion.

HPE’s stock has gained 21% in 2021. The broader S&P 500 index SPX is up 22% this year.

This article was originally published by Marketwatch.com. Read the original article here.

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