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May 26, 1994


By CBR Staff Writer

Shares in Hewlett-Packard Co were down $3.00 at $78.875 yesterday after company executives told analysts that turnover growth is likely to slow and profits narrow – but the trend could have been gleaned from the superb figures announced earlier this month, which saw a 23% jump in turnover but orders up only 19% for the second quarter, and pricing pressures clearly beginning to bear down on the company. And chief financial officer Robert Wayman told the analysts that while order rates are relatively stable, there are greater pricing pressures and lower gross profit margins. Wayman also said that Hewlett-Packard is not counting on its cost of sales to go sideways or down. Second quarter cost of sales climbed to 62.2% of turnover compared with 58.8% a year ago. He also said he certainly expects a decline in the company’s third quarter earnings per share, citing seasonality factors, adding that he was pleased to see that analysts’ third quarter forecasts reflecting this.

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