HP Financial Q3 Financing Volume Up 14%

HP reported fiscal Q3/14 net revenue of $27.6 billion was up 1% from the prior-year period and up 1% on a constant currency basis. GAAP net earnings of $1.0 billion were down 29% from $1.4 billion for the same 2013 quarter.

HP Financial Services revenue was down 3% year-over-year with a 1% increase in net portfolio assets and a 14% increase in financing volume. The business delivered an operating margin of 9.2% that was up 2.2 points sequentially and 2.1 points year/year.

HP Financial Q3 pre-tax earnings of $79 million, was down from $99 million a year earlier. Fiscal year-to-date through July 31, 2014 pre-tax earnings of $279 million was down from $297 million or 6% from the same period one-year ago. Net revenue of $2.59 billion was down from $2.72 billion a year earlier.

To view the full HP news release, click here.

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