HP’s Printer, PC Revenues Both up in ‘Breakthrough’ Second Quarter

HP Inc. today reported results for its second quarter, with both printer and PC revenue up versus the same quarter a year ago, marking the first time both groups’ revenues were up in the same quarter since 2010.

HP reported second quarter net revenue of $12.4 billion, up 7 percent versus second-quarter 2016.

Second-quarter earnings per share was $0.33, down from $0.38 in the prior-year period and within HP’s previously provided outlook of $0.32 to $0.35. Net earnings were $0.6 billion, down 15 percent versus the prior-year period.

“This was a breakthrough quarter for HP, and marks the first time both Personal Systems and Print have grown in the same quarter since 2010. We’re delivering solid performance across our portfolio, in all regions, and on key financial metrics,” said Dion Weisler, President and CEO of HP Inc. “Our team is taking profitable share, out-executing our competitors and delivering some of the best innovation in HP’s history. It’s clear our reinvention is paying off.”

Fiscal 2017 second quarter segment results

  • Printing net revenue was up 2 percent year-over-year (up 2 percent in constant currency) with a 17.4 percent operating margin. Total hardware units were up 4 percent, with Commercial hardware units up 6 percent and Consumer hardware units up 3 percent. Supplies net revenue was up 2 percent (up 2 percent in constant currency).
  • Personal Systems net revenue was up 10 percent year-over-year (up 10 percent in constant currency) with a 3.2 percent operating margin. Commercial net revenue increased 7 percent and Consumer net revenue increased 16 percent. Total units were up 5 percent, with Notebooks units up 12 percent and Desktops units down 6 percent.

For its third quarter, HP estimates earnings per share to be in the range of $0.36 to $0.40.

For its fiscal 2017 year, HP estimates earnings per share to be in the range of $1.42 to $1.52.

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