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REUTERS -- Hewlett-Packard Profits Fall, Beat Views
 Hewlett-Packard Co.'s fiscal third-quarter earnings beat Wall Street expectations as revenue from computers, services and printers improved amid a major corporate restructuring. The company's earnings, however, fell sharply due to one-time tax adjustments from the repatriation of $14.5 billion in foreign earnings. For the three months ended July 31, HP earned $73 million, or 3 cents per share, compared with $586 million, or 19 cents per share, in the same period last year. Excluding $988 million in adjustments related to the cash repatriation, HP earned $1.06 billion, or 36 cents per share, compared with profit of $728 million, or 24 cents per share, in the third quarter of fiscal 2004. Sales rose 10 percent, to $20.8 billion, from $18.89 billion in the third quarter of fiscal 2004. On a pro forma basis, the results beat Wall Street estimates. Analysts were expecting the company to post earnings of 31 cents per share on sales of $20.47 billion, according to a survey by Thomson Financial.
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