HP Inc. today announced results for its first quarter of 2017, reporting net revenues of $12.7 billion, up 4 percent, but net earnings of $0.6 billion, down 6 percent, both versus first-quarter 2016.
First quarter earnings per share (EPS) was $0.36, flat from the prior-year period and within the previously provided outlook of $0.33 to $0.36.
HP President and CEO Dion Weisler commented: “In Q1, we delivered earnings at the high end of our outlook range with strong free cash flow, driven by relentless execution and innovation. “We are confident in our ability to manage our business and deliver our FY17 financial commitments.”
Fiscal 2017 first-quarter segment results
- Personal Systems (PCs and related products) net revenue was up 10 percent year over-year with a 3.8 percent operating margin. Commercial net revenue increased 7 percent and Consumer net revenue increased 15 percent. Total units were up 8 percent, with Notebooks units up 12 percent and Desktops units flat.
- Printing net revenue was down 3 percent year-over-year with a 16.0 percent operating margin. Total hardware units were up 6 percent, with Commercial hardware units up 2 percent and Consumer hardware units up 7 percent. Supplies net revenue was down 3 percent.
For its second quarter, HP estimates EPS to be in the range of $0.32 to $0.35.
- November 2016: Small Revenue Gain for HP’s Fourth Quarter
- October 2016: HP Inc. to Cut 3,000 to 4,000 Jobs in the Next Three Years; Provides Fiscal Year Outlook
- September 2016: Samsung Board Approves Sale of Printer Business to HP; Will Continue to Source Printers from HP
- September 2016: HP Set to Purchase Samsung’s Printer Group for $1.05 Billion As it Prepares for Assault on Copier Market
- August 2016: Revenue Down Slightly for HP Inc.’s Third Quarter, but Net Earnings up 20 Percent
- May 2016: Slow Second Quarter for HP Inc., but Remains ‘Committed to PCs and Printing’
- February 2016: Rocky Results for HP Inc.’s First Quarter; Job Cuts ‘Accelerated’
- November 2015: Tough Fourth Quarter for HP as Split is Completed