Compaq turned in a sparkling performance for its third quarter, boosting its profits by 43 per cent over the same period last year to $350 million on turnover of $4.5 billion. In the same period last year, its turnover was $3.6 billion.
The company attributed the strong results to better asset management. It cut its stocks by $855 million compared to the the third quarter last year, increased its order rate and and cut delivery times.
Eckhard Pfeiffer, Compaq?s chief executive, said: "We?re especially pleased with the improvements in earnings and the growth of gross margins to 23.8 per cent." He said that a number of developments in the market had helped Compaq.
These included additional sales in its monitor, disk drive, keyboard and accessories business. Strategic alliances and a strong product lineup also contributed to the rise, he said. The server business was also strong, he said.
Compaq?s chief financial officer, Earl Mason, said that added focus on managing the business had increased the cash balance to $3.2 billion, up 185 per cent over last year. That meant a return on invested capital of 39.2 per cent for its shareholders.
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