惠普四季度财报喜人，施乐计划展开敌意并购

惠普公司（HP Inc.）的最新财报足以让投资者感到满意，他们迫切想知道面对施乐（Xerox）气势汹汹的收购要约，这家硅谷科技巨头打算如何应对。

这家个人电脑和印刷公司于11月26日宣布今年第四财季的收入为154亿美元，优于分析师预计的153亿美元。公司还表示，第四季度的每股收益60美分也超出了分析师58美分的预测。

随后，惠普的股价在盘后交易中上涨1.6%至20.37美元。

考虑到施乐表示他们将接触惠普股东，从而“寻求他们的支持，敦促惠普董事会做正确的事情，并抓住这一无法拒绝的机会”。惠普的董事会在之前回绝了施乐收购公司的提议，表示他们希望从施乐公司得到“尽职信息”，从而评估交易，但这笔交易可能不涉及被一家规模更小的公司收购。

惠普公司的首席执行官恩里克·洛雷斯在收入电话会议上对分析师表示，在惠普的公开声明之外，他不会对施乐有更多评论。不过很明显，从他对惠普“为股东创造长期价值”的多次强调可以看出，他的确在考虑施乐的问题。

洛雷斯表示：“我们知道如何搞定当下的状况，就像我们去年做的一样。”

当一名分析师向惠普高管询问公司董事会对施乐和公司短期内的财务规划有何想法时，惠普的首席财务官史蒂夫·费勒表示，公司正在评估潜在的并购和收购，或向股东提供“额外的资本收益”。

费勒还表示，惠普在第四季度公布了一项自愿提早退休的计划，这是公司重组计划的一部分，已经有“超过1,000人”签字参加。

尽管如此，惠普公司明年仍然面临着许多挑战，尤其是公司目前利润最高的打印用品业务，这一点也得到了分析师的密切关注。谈到惠普的该项业务时，洛雷斯表示惠普在印度遭遇了挑战，尤其是因为“克隆竞争的侵略性”。他指的是亚洲油墨制造商对惠普展开了低价竞争。

今年第四季度，惠普的打印业务销售额同比下滑6%至50亿美元，印刷用品业务销售额同比下滑7%至32亿美元，凸显了惠普在重振打印和印刷用品业务上的困境。

不过，尽管打印业务面临挑战，洛雷斯却反复强调目前惠普公司的管理层知道如何带领公司在充满困难的个人电脑和打印市场前进。

洛雷斯表示：“我要强调，我们对自己的战略和创造价值的多种方式充满信心。”

但施乐的管理层似乎不这么认为。（财富中文网）

译者：严匡正

HP Inc.’s latest quarterly results were good enough to please investors, who are eagerly watching how the Silicon Valley technology giant plans to deal with Xerox’s aggressive bid to take over the company.

The personal computer and printing giant said on November 26 it brought in $15.4 billion in its fiscal fourth quarter, beating analyst estimates of $15.3 billion. The company also said that fourth quarter earnings per share were 60 cents, topping analyst expectations that the company would report profits of 58 cents a share.

As a result, HP shares were up 1.6% in after-hours trading to $20.37.

It was a particularly important quarter for HP, considering Xerox on Tuesday said it would reach out to HP shareholders in order “to solicit their support in urging the HP Board to do the right thing and pursue this compelling opportunity.” HP’s board of directors previously rebuffed Xerox’s bid to take over the company, saying that they wanted “access to diligence information” from Xerox to evaluate a potential deal that would likely not involve being acquired by the smaller company.

HP Inc. CEO Enrique Lores told analysts during an earnings call that he would not comment further on Xerox, beyond what HP has already publicly stated. But it was clear from his multiple comments emphasizing HP’s plans to create “long-term value creation for shareholders” that Xerox is on his mind.

“We know how to manage through the current dynamic, which is exactly what we have been doing for the past year,” Lores said.

When an analyst asked HP executives about what the company's board is thinking about these days, in light of Xerox and what the company plans to use its finances for in the near future, HP CFO Steve Fieler said it is evaluating potential mergers and acquisitions or “additional return of capital” to shareholders.

Fieler also said that HP announced a voluntary early retirement program as part of a restructuring program in its fourth quarter, and has “more than 1,000 participants” signed up.

Still, HP faces some significant challenges next year, particularly the company’s important printing supplies business, which is its most profitable unit, and is closely watched by analysts. Commenting on HP’s printing supplies business, Lores noted that HP faces challenges in India, particularly due to “aggressiveness of the clone competition,” referring to Asian ink makers who have been undercutting HP on price.

HP’s overall printing sales dropped 6% year-over-year to $5 billion in the fourth quarter. The company’s printing supplies business declined 7% year-over-year in the fourth quarter to $3.2 billion, underscoring HP’s ongoing dilemma in reviving its ink and supply business.

But despite the printing challenges, Lores repeatedly emphasized that current HP management knows how to steer the company amid the challenging PC and printing market.

“I’d like to emphasize the confidence we have on our strategy and the multiple levers we have to create value,” Lores said.

Xerox management seemingly disagrees.