Nov. 18 (Bloomberg) -- Hewlett-Packard Co., the world’s biggest personal-computer maker, posted a fourth-quarter profit that topped analysts’ estimates, sending the shares up the most in six years in New York trading.

Earnings were $1.03 a share, excluding reorganization expenses and other costs, Hewlett-Packard said today in releasing preliminary results. That exceeded the $1 average of estimates compiled by Bloomberg. Sales rose 19 percent to $33.6 billion, also surpassing projections.

The results signal Hewlett-Packard is withstanding an economic crisis that has sapped sales at other technology companies, including Cisco Systems Inc. and Intel Corp. Corporate spending will grow at less than half the pace initially predicted next year as financial clients pare orders, researcher IDC said this month.

“It’s a validation of the fact that H-P is generally extremely well-positioned in a tougher economic environment versus its peers,” Sanford C. Bernstein & Co.’s Toni Sacconaghi said today in an interview. The New York-based analyst is top- ranked on computers by Institutional Investor magazine.

Hewlett-Packard climbed $3.87, or 13 percent, to $33.21 at 9:54 a.m. in New York Stock Exchange composite trading. Earlier the stock climbed as much as 15 percent, the most since November 2002.

“Our ability to execute in a challenging marketplace differentiates H-P,” Chief Executive Officer Mark Hurd said today in the statement. The company plans to report full results Nov. 24.

Falling Spending

Global technology spending probably will rise 2.6 percent in 2009, down from an earlier estimate of 5.9 percent, Framingham, Massachusetts-based IDC said on Nov. 12. Growth in the U.S. probably will ebb to 0.9 percent, according to the researcher.

Hewlett-Packard led personal computer shipments in the most recent quarter, with 18 percent of the market, according to Gartner Inc. Dell had 14 percent, the Stamford, Connecticut-based research firm said.

Net income climbed to 84 cents a share from 81 cents a year earlier, Palo Alto, California-based Hewlett-Packard said today. The company predicted first-quarter earnings, excluding some items, of 93 cents to 95 cents, compared with the 93-cent average projection.

The company forecast first-quarter sales of $32 billion to $32.5 billion, short of the $33.3 billion average estimate of analysts. That includes an unfavorable currency effect of about 5 percentage points. Personal-computer shipments account for about a third of revenue at Hewlett-Packard.

“The bottom line is, despite worries about an economic slowdown, the company can still grow earnings,” said Bill Kreher, an analyst with Edward Jones in St. Louis. He recommends buying the shares.

To contact the reporter on this story: Katie Hoffmann in New York at khoffmann4@bloomberg.net; Connie Guglielmo in San Francisco at cguglielmo@bloomberg.net

Last Updated: November 18, 2008 10:06 EST