HP Posts Second-Consecutive Quarter of Higher Revenue, Raises Forecast
HP Inc. today posted results for the third quarter of its fiscal year, posting third-quarter net revenue of $13.1 billion, up 10 percent versus third-quarter 2016. Notably, HP’s printing group’s net revenue was $4.70 billion, up 6.2 percent year-over-year. In the printing group, while total hardware units were up only up 1 percent, with commercial hardware units flat and consumer hardware units up 1 percent, supplies net revenue was up 10 percent.
HP’s personal systems group’s net revenue was $8.40 billion, up 12 percent year-over-year, with commercial net revenue increasing 11 percent and consumer net revenue increasing 14 percent. Total units were up 7 percent, with notebooks units up 12 percent and desktops units down 3 percent.
For the third quarter, net earnings per share (EPS) was $0.41, above HP’s previously provided outlook of $0.36 to $0.40 per share, but down from $0.49 for third-quarter 2016. Net earnings were $0.7 billion, down 11 percent from third-quarter 2016’s net earnings of $0.8 billion.
HP Inc. CEO and President Dion Weisler commented: “Q3 was another outstanding quarter of successfully executing our reinvention strategy. We stabilized supplies revenue a quarter earlier than expected, posted double-digit revenue growth, delivered non-GAAP earnings per share at the high end of our previously provided outlook range and generated approximately $1.7 billion in free cash flow.”
For its fourth-quarter 2017, HP estimates net EPS to be in the range of $0.37 to $0.41.For its full fiscal 2017 year, HP is raising its net EPS to be in the range of $1.46 to $1.50
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