Revenues up for HP’s First Quarter, PC Revenues up 10 Percent

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.

Outlook
For its second quarter, HP estimates EPS to be in the range of $0.32 to $0.35.

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