HP Inc. Reports Fiscal 2017 Third Quarter Results

PALO ALTO, Calif., Aug. 23, 2017 (GLOBE NEWSWIRE) -- HP (NYSE:HPQ)

  • Third quarter net revenue of $13.1 billion, up 10% as reported and up 11% in constant currency from the prior-year period
  • Third quarter GAAP diluted net earnings per share from continuing operations of $0.41, above the previously provided outlook of $0.36 to $0.40 per share
  • Third quarter non-GAAP diluted net earnings per share of $0.43, within the previously provided outlook of $0.40 to $0.43 per share
  • Third quarter cash provided by operating activities of $1.8 billion
  • Third quarter returned $524 million to shareholders in the form of share repurchases and dividends
 
HP Inc.'s fiscal 2017 third quarter financial performance
   Q3 FY17
   Q3 FY16
   Y/Y 
GAAP net revenue ($B)  $13.1   $11.9   10%
GAAP operating margin from continuing operations   7.3%   9.4%  (2.1 pts)
GAAP net earnings from continuing operations ($B)  $0.7   $0.8   (17%)
GAAP diluted net earnings per share from continuing operations  $0.41   $0.49   (16%)
Non-GAAP operating margin   7.7%   9.4%  (1.7 pts)
Non-GAAP net earnings ($B)  $0.7   $0.8   (11%)
Non-GAAP diluted net earnings per share  $0.43   $0.48   (10%)
Cash provided by operating activities ($B)  $1.8   $1.1   66%
               

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

Net revenue and EPS results
HP Inc. (“HP”) announced third quarter net revenue of $13.1 billion, up 10% as reported and up 11% in constant currency from the prior-year period.

Third quarter GAAP diluted net earnings per share (“EPS”) from continuing operations was $0.41, down from $0.49 in the prior-year period and above the previously provided outlook of $0.36 to $0.40. Third quarter non-GAAP diluted net EPS was $0.43, down from $0.48 in the prior-year period and within the previously provided outlook of $0.40 to $0.43. Third quarter non-GAAP net earnings and non-GAAP diluted net EPS exclude after-tax adjustments of $39 million, or $0.02 per share, related to restructuring and other charges, acquisition-related charges, defined benefit plan settlement charges, amortization of intangible assets, non-operating retirement-related credits/(charges) and net tax indemnifications.

“Q3 was another outstanding quarter of successfully executing our reinvention strategy,” said Dion Weisler, President and CEO, HP Inc.  “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.”

Asset management
HP’s cash provided by operating activities in the third quarter was $1.8 billion. Accounts receivable ended the quarter at $4.2 billion, up 2 days quarter over quarter to 29 days. Inventory ended the quarter at $5.2 billion, up 1 day quarter over quarter to 44 days. Accounts payable ended the quarter at $12.8 billion, up 8 days quarter over quarter to 108 days. HP’s dividend payment of $0.1327 per share in the third quarter resulted in cash usage of $0.2 billion. HP also utilized $0.3 billion of cash during the quarter to repurchase approximately 16.2 million shares of common stock in the open market. HP exited the quarter with $8.0 billion in gross cash, which includes cash and cash equivalents and short-term investments of $1.0 billion included in other current assets.

Fiscal 2017 third quarter segment results

  • Personal Systems net revenue was up 12% year over year (up 13% in constant currency) with a 3.7% operating margin. Commercial net revenue increased 11% and Consumer net revenue increased 14%. Total units were up 7% with Notebooks units up 12% and Desktops units down 3%.
  • Printing net revenue was up 6% year over year (up 7% in constant currency) with a 17.3% operating margin. Total hardware units were up 1% with Commercial hardware units flat and Consumer hardware units up 1%. Supplies net revenue was up 10% (up 10% in constant currency).

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