Old HP turns Q2 profit before Compaq merger

Despite a tough economy and a bitter proxy fight, Hewlett-Packard Co. met analysts' expectations as it turned in a profit for the second quarter, its last earnings report before the merger with Compaq Computer Corp.

HP turned in revenue of US$10.6 billion, or a decline of 9 percent from last year's numbers for the second quarter of $11.6 billion. The $10.6 billion is a 7 percent decline from the $11.4 billion the company had in the first quarter of this year.

That translated to earnings per share of 25 cents, down slightly from the first-quarter profit of 29 cents per share but up from last year's mark of 17 cents per share for the same time period.

In a company statement e-mailed to reporters, HP Chairwoman and CEO Carly Fiorina said it had been a difficult quarter but she praised the company for staying focused. In addition to struggling with the soft economy and the logistics behind the merger, HP's top management, including Fiorina, had to fight off a legal challenge in Delaware Chancery Court last month to stop the merger by former board director Walter Hewlett.

"While there was real potential for distraction, HP delivered," Fiorina said.

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