HP 2010 Annual Report Download - page 2

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A LETTER FROM THE
CEO
DEAR FELLOW
STOCKHOLDERS,
I want all of you to know how honored
I am to lead this great company and
how excited I am about the opportunities
that lie ahead. HP is the world’s largest
information technology company, which is
impressive. However, even more impressive
is what that scale means—the innovation
we can drive into the marketplace, the
breadth and depth of our portfolio, the
expanse of our global reach, the talent
and dedication of our more than 300,000
people, the solutions we can bring to our
customers, the value we can create for our
stockholders, and the impact we can have
on the world.
In fiscal 2010, as HP navigated a fragile
economic recovery, all of these advantages
were clearly evident. HP rebounded
powerfully from the recessionary conditions
of the prior year and reported growth in
each reported business segment and in
each of our three geographic regions. Our
people remained focused on delivering
for our customers and executing for our
stockholders.
For the year, we delivered:
• Net revenue of $126 billion, up
10 percent year-over-year
• GAAP operating profit of $11.5 billion,
up 13 percent year-over-year
• GAAP diluted earnings per share of
$3.69, up 18 percent year-over-year
• Non-GAAP operating profit of $14.4
billion, up 14 percent year-over-year*
• Non-GAAP diluted earnings per share of
$4.58, up 19 percent year-over-year*
A POWERFUL PERFORMANCE
ACROSS BUSINESSES AND
GEOGRAPHIES
HP once again demonstrated the power
of our diversification by performing across
economic cycles. You will remember that
during the worst of the 2009 recession, it
was the strength of our resilient businesses
such as supplies and services that helped
preserve revenue and earnings. In fiscal
2010, we benefited from a technology
refresh in commercial enterprises, and it
was our product businesses that drove
growth and margin expansion.
Léo Apotheker
PRESIDENT AND
CHIEF EXECUTIVE OFFICER
HP ANNUAL REPORT
|
2010