Hewlett-Packard Co continues to fulfill its fans’ expectations, and the shares rose sharply, up $5.375 at $81.50 as the company reported third quarter profits up 28% on sales up 22%. There was 27% year-on-year order growth and our reaction is echoed by Bill Milton of Brown Brothers Harriman, who says That is really quite remarkable for a company this size. I certainly did not expect order growth of this magnitude. Gross margins were close to flat with those for the second quarter at about 37.7%. We’re pleased that our overall results were much better than we’ve reported inthe third quarter in recent years, declared chairman, president and chief executive Lewis Platt.
