HP Reports Fourth Quarter and Fiscal 2013 Results

PALO ALTO, CA -- (Marketwired) -- Nov 26, 2013 -- HP (NYSE: HPQ)

  • Fourth quarter non-GAAP diluted net earnings per share of $1.01, down 13% from the prior-year period
  • Fourth quarter GAAP diluted net earnings per share of $0.73, up from GAAP diluted net loss per share of $3.49 in the prior-year period
  • Fourth quarter net revenue of $29.1 billion, down 3% from the prior-year period and down 1% when adjusted for the effects of currency
  • Fourth quarter cash flow from operations of $2.8 billion, down 31% from the prior-year period
  • Returned $763 million to shareholders in the form of dividends and share repurchases in the fourth quarter
  • Improved operating company net debt position by $1.3 billion to an operating company net cash position in the fourth quarter, the seventh consecutive quarterly improvement of over $1 billion
  • Fiscal 2013 non-GAAP diluted net earnings per share of $3.56, within the previously provided outlook of $3.53 to $3.57
  • Fiscal 2013 GAAP diluted net earnings per share of $2.62, below the previously provided outlook of $2.67 to $2.71
  • Fiscal 2013 net revenue of $112.3 billion, down 7% from the prior year and down 5% when adjusted for the effects of currency

HP fourth quarter and fiscal 2013 financial performance

                                                                            
                     Q4      Q4                                             
                    FY13    FY12       Y/Y       FY13    FY12       Y/Y     
GAAP net revenue                                                            
 ($B)              $ 29.1  $ 30.0          (3%) $112.3  $120.4          (7%)
GAAP operating                                                              
 margin               6.6%  (21.7%) 28.3 pts.      6.4%   (9.2%) 15.6 pts.  
GAAP net earnings                                                           
 (loss) ($B)       $  1.4  $ (6.9)              $  5.1  $(12.7)             
GAAP diluted net                                                            
 earnings (loss)                                                            
 per share         $ 0.73  $(3.49)              $ 2.62  $(6.41)             
Non-GAAP operating                                                          
 margin               9.0%   10.4%  (1.4 pts.)     8.5%    9.3%  (0.8 pts.) 
Non-GAAP net                                                                
 earnings ($B)     $  2.0  $  2.3         (14%) $  6.9  $  8.0         (14%)
Non-GAAP diluted                                                            
 net earnings per                                                           
 share             $ 1.01  $ 1.16         (13%) $ 3.56  $ 4.05         (12%)
Cash flow from                                                              
 operations ($B)   $  2.8  $  4.1         (31%) $ 11.6  $ 10.6          10% 
                                                                            
                                                                                                                                
 

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