Business Corpus: Hewlett Packard Enterprise Stock Jumps As Adjusted Earnings DoubleHewlett Packard Enterprise late Tuesday easily beat Wall Street's estimates for its fiscal third quarter. HPE stock popped in extended trading. Its sales got a boost from foreign exchange effects last quarter. The post Hewlett Packard Enterprise Stock Jumps As Adjusted Earnings Double appeared first on Investor's Business Daily.

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Hewlett Packard Enterprise (HPE) late Tuesday easily beat Wall Street's estimates for its fiscal third quarter. HPE stock popped in extended trading.

The Palo Alto, Calif.-based tech services company earned an adjusted 44 cents a share on sales of $7.76 billion in the quarter ended July 31. Analysts expected Hewlett Packard Enterprise to earn 37 cents a share on sales of $7.68 billion. On a year-over-year basis, earnings per share increased 100% while sales climbed 4%. It was the second quarter in a row in which adjusted earnings per share doubled.

HPE stock jumped 1.8%, near 17.05, in after-hours trading on the stock market today. During the regular session, it rose 1.8% to 16.74. HPE stock has been consolidating for the past 25 weeks. It hit an all-time high of 19.48 on March 6.

Hewlett Packard Enterprise's sales got a boost from foreign exchange effects last quarter. Its sales rose just 1% when adjusted for currency changes.

"HPE has delivered a strong Q3 and our results prove we have the right strategy to deliver in the areas of highest value for our customers," Chief Executive Antonio Neri said in a news release. "Solid execution across each of our business segments, combined with market momentum, will enable us to deliver fiscal 2018 revenue and earnings well beyond our original outlook provided at our Securities Analyst Meeting last year."

In-Line Earnings Guidance

For the current quarter, the information technology firm expects adjusted earnings per share of 39 to 44 cents. The midpoint of about 42 cents is in line with analyst views.

Wall Street was modeling HPE to earn 42 cents a share, up 45% year over year, on sales of $7.79 billion, up 2%, in its fiscal fourth quarter.

HPE makes computer servers, networking equipment and data storage gear for corporate and other enterprise customers.

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