Given the expected impairment charge associated with the Services segment and the expected increased charge associated with the restructuring program, HP now expects third quarter fiscal 2012 GAAP EPS to be in the range of ($4.31) to ($4.49) including the GAAP tax impact on the impairment. Accordingly, HP now expects to record a pre-tax charge of approximately $1.5 billion to $1.7 billion, an increase from its previous estimate of approximately $1 billion, in its third quarter of fiscal 2012 that will be included in its GAAP financial results. The change is primarily driven by a higher than anticipated acceptance rate under its early retirement program and faster than expected implementation of the workforce reduction program. HP also updated the amount of the pre-tax charge it expects to record in the third quarter of fiscal 2012 in relation to its restructuring program announced on May 23, 2012. HP does not expect this estimated goodwill impairment charge to result in any future cash expenditures or otherwise affect the ongoing business or financial performance of its Services segment. Under accounting rules, when indicators of potential impairment are identified, companies are required to conduct a review of the carrying amounts of goodwill and other long-lived assets to determine if an impairment exists. The impairment review stems from the recent trading values of HP's stock, coupled with market conditions and business trends within the Services segment.
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HP expects to record a non-cash pre-tax charge for the impairment of goodwill within its Services segment of approximately $8 billion in the third quarter of its fiscal 2012. Third quarter fiscal 2012 non-GAAP diluted EPS estimates exclude after-tax costs related primarily to the amortization and impairment of purchased intangible assets, goodwill impairment charges, restructuring charges and acquisition-related charges. HP is increasing its previously provided third quarter fiscal 2012 non-GAAP earnings per share (EPS) outlook to approximately $1.00 per share, up from a previous range of $0.94 to $0.97. These appointments are designed to drive profitable growth, service innovation and client satisfaction for the Services business. In his new position, Charhon will report to Nefkens.
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At GE, he held a number of global leadership roles. He brings a decade of services experience in the technology sector from both General Electric (GE) and HP. Nefkens will report to Meg Whitman, president and chief executive officer, HP.Ĭharhon joined HP in 2010 as vice president of Finance for the Personal Systems Group. Prior to joining Electronic Data Systems (EDS), he spent 10 years with Holland Chemical International NV, where he held several executive positions in Mexico, Nicaragua, Venezuela and the western United States. Nefkens has led successful customer IT transformations for some of HP's largest services accounts. Nefkens will be responsible for driving growth and innovation for HP's applications, business processing and outsourcing services. Charhon will focus on increasing customer satisfaction and improving service delivery efficiency, which will help drive profitable growth. HP also announced today that Jean-Jacques (JJ) Charhon, senior vice president and chief financial officer of HP ES, was appointed chief operating officer for HP ES.
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John Visentin, who previously ran HP ES, will be leaving the company to pursue other interests. PALO ALTO, CA-(Marketwire - Aug 8, 2012) - HP (NYSE: HPQ) today announced that it has appointed Mike Nefkens, currently senior vice president and general manager of HP Enterprise Services (ES) - EMEA, to lead HP ES on an acting basis. HP Announces Organizational Changes for Enterprise Services Company Increases Q3FY12 Non-GAAP Outlook
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The company's shares were up $0.46 on the news to $19.42 in late trading, indicating some approval from investors for HP's moves and the adjusted third-quarter forecast, but the stock is still well down from past highs.Ĭhris Kanaracus covers enterprise software and general technology breaking news for The IDG News Service. HP also said that it would incur a higher than expected charge in the third quarter related to a staff reduction plan announced earlier this year, due in part to "a higher than anticipated acceptance rate under its early retirement program." The company is anticipating a pre-tax charge of between $1.5 billion and $1.7 billion, up from the initial $1 billion estimate.Īlso Wednesday, HP said third-quarter earnings are expected to come in at about $1 per share, an increase from its previous forecast of $0.94 to $0.97, if calculated under non-GAAP (generally accepted accounting principles) with those one-time charges set aside.