Higher PC Sales, But Lower Earnings for HP Inc.

On November 26th, HP Inc. announced results for its fourth quarter and its full fiscal 2019 year.

Fourth Quarter

Fourth-quarter net revenue was $15.4 billion, up 0.3 percent. However, net earnings were $0.4 billion, down 73 percent year-over-year.

Fourth-quarter earnings per share (EPS) was $0.26, down from $0.91 in the prior-year period and below the previously provided outlook of $0.51 to $0.55.

For the fourth quarter:

  • Net revenue for HP’s Personal Systems PC group was up 4 percent year-over-year with a 5.3 percent operating margin. Commercial net revenue increased 8 percent and Consumer net revenue decreased 4 percent. Total units were up 8 percent with Notebooks units were up 9 percent and Desktops units were up 5 percent.
  • Printing net revenue was down 6 percent year-over-year with a 15.6 percent operating margin. Total hardware units were down 9 percent with Commercial hardware units down 1 percent and Consumer hardware units down 10 percent. Supplies net revenue was down 7 percent.

Full-Year Fiscal 2019

HP announced fiscal 2019 net revenue of $58.8 billion, up 0.5 percent versus the previous fiscal year. Net earnings were $3.2 billion down 41 percent versus the prior fiscal year.

Fiscal 2019 net EPS was $2.07, down from $3.26 in the prior-year period and below HP’s previously provided outlook of $2.31 to $2.35.


For its fiscal 2020 first quarter, HP is forecasting EPS to be in the range of $0.39 to $0.42.

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