NEW YORK – Compaq Computer Corp. Friday raised its outlook for fiscal 2002, saying it would earn 32 cents per share, compared with Wall Street's consensus of 25 cents.
Revenues would be $34 billion, Compaq said in a statement. That compared with analysts' estimates of $32.6 billion.
Compaq, which plans to merge with Hewlett-Packard Co. , cited expected demand for data storage by corporations, demand for server computers based on Intel Corp. microchips and increased demand for security products and managed services.
Shares of Compaq, which had been trading at a slight loss on the New York Stock Exchange, were up 12 cents, or 1 percent, from the previous close, at $12.17.
"Clearly, Compaq's fourth quarter showed continued customer acceptance. Our focus on execution in 2001 -- particularly with regard to operating improvements -- provides Compaq with tremendous financial leverage in 2002 that will yield earnings per share growth," Jeff Clarke, Compaq's chief financial officer, said in a statement.
He was due to speak later at an analyst meeting.
Compaq said on Jan. 16 that, in the first quarter, it would make a profit of 1 cent per share on sales of $7.6 billion and analysts polled by Thomson Financial/First Call then raised consensus forecasts to those levels.