HP Inc. Reports Second Quarter Fiscal 2016 Results

PALO ALTO, CA -- (Marketwired) -- May 25, 2016 -- HP (NYSE: HPQ)

  • Second quarter non-GAAP diluted net earnings per share from continuing operations of $0.41 -- above the previously provided outlook of $0.35 to $0.40 per share
  • Second quarter GAAP diluted net earnings per share from continuing operations of $0.38 -- within the previously provided outlook of $0.33 to $0.38 per share
  • Second quarter net cash provided by operating activities of $1.6 billion
  • Second quarter net revenue of $11.6 billion, down 11% (down 5% in constant currency) from the prior-year period
  • Second quarter returned $518 million to shareholders in the form of share repurchases and dividends

HP Inc.'s fiscal 2016 second quarter financial performance

                                                  Q2        Q2              
                                                 FY16      FY15       Y/Y   
GAAP net revenue ($B)                            $11.6     $13.0     (11%)  
GAAP operating margin from continuing                                       
 operations                                      7.3%      7.7%    (0.4 pts)
GAAP net earnings from continuing operations                                
 ($B)                                            $0.66     $0.73     (10%)  
GAAP diluted net earnings per share from                                    
 continuing operations                           $0.38     $0.40     (5%)   
Non-GAAP operating margin from continuing                                   
 operations                                      7.8%      7.5%     0.3 pts 
Non-GAAP net earnings from continuing                                       
 operations ($B)                                 $0.70     $0.72     (3%)   
Non-GAAP diluted net earnings per share from                                
 continuing operations                           $0.41     $0.39      5%    
Net cash provided by operating activities                                   
 ($B)(1)                                         $1.6      $1.5       8%    
                                                                            
                                                                            

Notes to table
Information about HP Inc.'s use of non-GAAP financial information is provided under "Use of non-GAAP financial information" below.

                                                                            
(1) The consolidated condensed statement of cash flows for the three months 
    ended April 30, 2015 represents the combined cash flows of Hewlett-     
    Packard Company prior to separation, as previously filed, and has not   
    been adjusted to reflect the effect of the separation of Hewlett Packard
    Enterprise Company.                                                     
                                                                            

Revenue and EPS results
HP Inc. (HP) announced second quarter net revenue of $11.6 billion, down 11% (down 5% in constant currency) from the prior-year period.

Second quarter GAAP diluted net earnings per share (EPS) from continuing operations was $0.38, down from $0.40 in the prior-year period and within the previously provided outlook of $0.33 to $0.38. Second quarter non-GAAP diluted net EPS from continuing operations was $0.41, up from $0.39 in the prior-year period and above its previously provided outlook of $0.35 to $0.40. Second quarter non-GAAP net earnings from continuing operations and non-GAAP diluted net EPS from continuing operations include after-tax adjustments of $42 million, or $0.03 per share, related to restructuring charges, the amortization of intangible assets, non-operating retirement-related credits, and tax indemnification amounts.

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