The company reported net income of $1.2 billion or $0.63 per share, versus $1.5 billion or $0.73 per share, in last year's corresponding quarter.
On an adjusted basis, H-P reported net income of $1.6 billion or $0.82 per share, versus $1.8 billion or $0.92 per share, in last year's first-quarter. This compared to Wall Street analysts' consensus EPS estimates of $0.71.
Sales for the period were down 6 percent to $28.36 billion from $30.04 billion last year. This beat analysts' consensus estimates of $27.79 billion.
Looking ahead, the company said that it expects Q2 adjusted earnings per share of $0.80 to $0.82. For the full-year HP guided for EPS of $2.30 to $2.50, up from its previous guidance of $2.10 to $2.30. The company continues to expect adjusted EPS of $3.40 to $3.60 for the full-year.
Currently, Wall Street analysts have second quarter and full-year consensus EPS estimates of $0.77 and $3.32, respectively.
CEO Meg Whitman will appear on CNBC tomorrow at 9am to discuss the company's results.
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