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• Electronic Data Sys

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Date: Tuesday 13 May 2008

LONDON (ShareCast) - Computing products giant Hewlett Packard, which has confirmed it is to buy computer services company Electronic Data Systems, said all of its segments performed well in the second quarter and it remains strongly cash generative.

Second quarter diluted earnings per share (EPS) rose to 80 cents from 65 cents in the second quarter of 2007. Revenue rose to $28.3bn from $25.5bn.

Hewlett Packard (HP) expects its third quarter EPS will come in at around 76 or 77 cents, while revenue is expected to be in the range of $27.3bn to $27.4bn.

Guidance for full year revenue has been raised to $114.2bn - $114.4bn from the previously indicated range of $113.5bn - $114bn. Full year EPS guidance has also been lifted, from the $3.26 - $3.30 range to $3.30 - $3.34.

HP has confirmed it is to buy Electronic Data Systems (EDS) for $13.9bn as it seeks to go head to head with IBM in computer services.

HP is paying $25 in cash for each EDS share. The offer price represents a 33% premium to the closing price of EDS on 9 May, the last trading day before the companies disclosed they were in discussions.

The acquisition is HP’s largest since the troublesome $18.9bn takeover of Compaq Computer. It is expected to be earnings enhancing from fiscal 2009 onwards.

The addition of EDS will substantially boost HP’s footprint in the computer services market. HP currently derives around 15% of its revenues from computer services such as networked storage devices and servers. In the last financial year HP’s revenues from computer services totalled $16.6bn, while EDS’s turnover was $22.1bn.

• News Channel