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EARNINGS ROUNDUP

Hewlett-Packard profit down 19% on weak sales of PCs, printing supplies

Sales in the company's PC business eroded 18% in the second quarter, even as the number of units sold rose 2%. Revenue from printing supplies was down 13%.

August 19, 2009|Times Wire Reports

Home Depot Inc. reported second-quarter profit that fell less than analysts had estimated and increased its full-year earnings forecast after reducing operating expenses.

Net income dropped 7.2% to $1.12 billion, or 66 cents a share, from $1.2 billion, or 71 cents, a year earlier, Atlanta-based Home Depot said. Excluding costs to close the company's Expo business and a tax gain, earnings were about 64 cents a share. Analysts predicted 59 cents, the average of estimates compiled by Bloomberg.

The retailer said it now expected earnings from continuing operations to decline by 15% to 20% this year after forecasting a drop of as much as 26% in June.

Home Depot shares rose 82 cents, or 3.1%, to $26.93.

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