Hewlett-Packard Co. (NYSE: HPQ) is out with its anticipated earnings report. The PC-maker and IT-services provider was up going into the close on hopes of a breakup or a buyout in the works. After Dell Inc. (NASDAQ: DELL) has become the subject of a management led buyout by founding CEO Michael Dell, there has been hope that perhaps HP would revisit its previous breakup or would move to unlock value.

Earnings were reported at $0.82 per share on a comparable basis, which is down 11% from the prior year but is still above its previously provided outlook of $0.68 to $0.71 per share. Its first quarter net revenue fell 6% down to $28.4 billion, but this would be down 4% when adjusted for the effects of currency. Thomson Reuters had estimates of $0.71 EPS and $27.8 billion in revenue. HP’s cash flow from operations was $2.6 billion, but its non-GAAP operating margin fell to 7.9% from 8.6% a year ago.

For the second quarter of fiscal 2013, HP sees $0.80 to $0.82 in non-GAAP earnings per share excluding after-tax costs of approximately $0.42 per share. The Thomson Reuters consensus is $0.77 per share.

For the full year fiscal 2013, it sees non-GAAP earnings of $3.40 to $3.60 per share excluding after-tax costs of approximately $1.10 per share. The consensus is $3.32.

HP shares closed up 2.4% at $17.10 on the day and shares are now up about 4.2% at $17.87 after the close. If you take a straight-line to its earnings forecast and maintain it indefinitely after this coming year based upon the closing bell price, HP trades at a mere 4.9-times forward earnings.

HP shares have not traded above $18 since last September. The argument remains ongoing whether HP is a true value stock or a real value trap.

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