Compaq raises estimates for fiscal 2002

Only a week after beating analyst expectations for its fourth quarter, Compaq Computer Corp. raised its earnings estimate for its fiscal 2002.

Compaq raised its earnings expectations for the year to US$0.32 per share, a $0.07 increase from what analysts expected, the company said in a statement. The company believes that the improvements in operations that helped it beat expectations in the fourth quarter will also lead to growth in earnings per share in 2002, Jeff Clarke, Compaq's chief financial officer, said in a statement.

For the fourth quarter, which ended Dec. 31, Compaq reported net income of $92 million, or $0.05 per share on revenue of $8.5 billion. While the numbers showed a sequential increase in revenue of 14 percent, it still dropped 26 percent from the year-earlier quarter.

Compaq expects revenue to reach US$34 billion for fiscal 2002, helped by factors including increased demand for enterprise storage and industry standard servers, the company said.

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