HP Inc. (NYSE:HPQ) Q2 2024 Earnings Conference Call May 29, 2024 5:00 PM ET Company Participants Orit Keinan-Nahon - Head of Investor Relations Enrique Lores - President and Chief Executive Officer Tim Brown - Interim Chief Financial Officer Conference Call Participants Erik Woodring - Morgan Stanley Michael Ng - Goldman Sachs Wamsi Mohan - Bank of America Ananda Baruah - Loop Capital Markets Samik Chatterjee - JPMorgan Toni Sacconaghi - Bernstein Research Michael Cadiz - Citigroup Steven Chin - TD Cowen Op ...

For the quarter ended April 2024, HP (HPQ) reported revenue of $12.8 billion, down 0.9% over the same period last year. EPS came in at $0.82, compared to $0.80 in the year-ago quarter.The reported revenue represents a surprise of +2.42% over the Zacks Consensus Estimate of $12.5 billion. With the consensus EPS estimate being $0.81, the EPS surprise was +1.23%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations t ...

Use these links to rapidly review the document Table of Contents Part I. Financial Information UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2024 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-44 ...

HP (HPQ) came out with quarterly earnings of $0.82 per share, beating the Zacks Consensus Estimate of $0.81 per share. This compares to earnings of $0.80 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 1.23%. A quarter ago, it was expected that this personal computer and printer maker would post earnings of $0.81 per share when it actually produced earnings of $0.81, delivering no surprise.Over the last four quarters, the comp ...

Financial Performance - Second quarter net revenue was $12.8 billion, down 0.8% year over year (down 1.2% in constant currency) [5] - GAAP diluted net EPS for the second quarter was $0.61, down from $1.06 in the prior-year period, within the outlook of $0.58 to $0.68 [5] - Non-GAAP diluted net EPS for the second quarter was $0.82, up from $0.79 in the prior-year period, within the outlook of $0.76 to $0.86 [5] - Total net revenue for the three months ended April 30, 2024, was $12,800 million, a decrease of 2.9% from $13,185 million in the previous quarter [20] - Net earnings for the three months ended April 30, 2024, were $607 million, down 2.4% from $622 million in the previous quarter [20] - Basic net earnings per share for the three months ended April 30, 2024, were $0.62, compared to $0.63 in the previous quarter [20] - Total net revenue for the six months ended April 30, 2024, was $25,985 million, a decrease of 2.7% from $26,705 million in the same period last year [22] - Net earnings for the six months ended April 30, 2024, were $1,229 million, down 19.3% from $1,523 million in the same period last year [22] - Non-GAAP net earnings for the three months ended April 30, 2024, were $812 million, reflecting an increase from $808 million in the previous quarter [24] - GAAP net earnings for the six months ended April 30, 2024, were $1,229 million, down from $1,523 million in the same period last year, representing a decrease of 19.3% [26] - Non-GAAP net earnings for the same period were $1,620 million, an increase of 6.9% compared to $1,516 million in the prior year [26] Segment Performance - Personal Systems segment net revenue was $8.4 billion, up 3% year over year, with a 6.0% operating margin [8] - Printing segment net revenue was $4.4 billion, down 8% year over year, with a 19.0% operating margin [8] - Commercial Personal Systems revenue increased to $6,242 million, up 3% Q/Q and 6% Y/Y, while Consumer Personal Systems revenue decreased to $2,184 million, down 21% Q/Q and 3% Y/Y [32] - Total segment net revenue for the six months ended April 30, 2024, was $25,985 million, reflecting a 3% decrease Y/Y [34] - The total segment operating margin for the three months ended April 30, 2024, was 10.2%, a decrease of 0.2 percentage points Q/Q and an increase of 0.2 percentage points Y/Y [35] - Personal Systems segment operating margin improved to 6.0% for the three months ended April 30, 2024, compared to 5.3% in the same quarter last year [35] - Corporate Investments segment reported a net revenue of $5 million for the three months ended April 30, 2024, compared to $2 million in the previous quarter [32] Cash Flow and Shareholder Returns - Free cash flow for the second quarter was $0.5 billion, including net cash provided by operating activities of $0.6 billion [6] - HP returned $0.4 billion to shareholders through dividends and share repurchases in the second quarter [2] - HP anticipates generating free cash flow in the range of $3.1 to $3.6 billion for fiscal 2024 [10] - Cash, cash equivalents, and restricted cash decreased to $2,517 million as of April 30, 2024, from $3,232 million at the end of October 2023 [28] - Net cash provided by operating activities for the six months ended April 30, 2024, was $702 million, an increase from $620 million in the same period last year [30] - The company reported a net cash used in investing activities of $277 million for the six months ended April 30, 2024, compared to $441 million in the prior year [30] - The company repurchased $600 million of common stock during the six months ended April 30, 2024 [30] Future Outlook - For fiscal 2024, HP estimates GAAP diluted net EPS to be in the range of $2.60 to $2.90 and non-GAAP diluted net EPS to be in the range of $3.30 to $3.60 [10] - The company has unveiled an innovative portfolio of solutions designed for the AI and hybrid era, indicating a focus on future growth opportunities [5] - Key Growth Areas identified by HP include Hybrid Systems, Gaming, Workforce Solutions, Consumer Subscriptions, Industrial Graphics, and 3D & Personalization, expected to grow faster than core business [50] Non-GAAP Financial Measures - HP's management utilizes non-GAAP financial measures to evaluate historical and prospective financial performance, excluding restructuring and other charges to better understand ongoing operating results [43] - The company incurs costs related to acquisitions and divestitures, which are excluded from non-GAAP measures to facilitate a meaningful evaluation of current operating performance [44] - Amortization of intangible assets is excluded from non-GAAP measures, as it significantly impacts GAAP earnings and does not reflect current operating performance [45] - HP excludes debt extinguishment costs and benefits from non-GAAP calculations to provide a clearer view of current operating performance [46] - Non-operating retirement-related adjustments are excluded from non-GAAP measures, as they are considered outside the operational performance of the business [47] - Tax adjustments related to internal reorganizations and various regulatory changes are excluded from non-GAAP measures for a more accurate evaluation of operating performance [48] - Free cash flow is defined as cash flow from operations adjusted for net investments, providing insight into liquidity and capital resources [49] - HP acknowledges limitations of non-GAAP measures, emphasizing reliance on GAAP results and providing reconciliations for investor clarity [52] - The company believes that non-GAAP financial measures offer investors greater insight into financial and operational decision-making, enhancing understanding of operating performance [53]

PALO ALTO, Calif., May 29, 2024 (GLOBE NEWSWIRE) -- HP (NYSE:HPQ) Second quarter GAAP diluted net earnings per share ("EPS") of $0.61, within the previously provided outlook of $0.58 to $0.68 per shareSecond quarter non-GAAP diluted net EPS of $0.82, within the previously provided outlook of $0.76 to $0.86 per shareSecond quarter net revenue of $12.8 billion, down 0.8% from the prior-year periodSecond quarter net cash provided by operating activities of $0.6 billion, free cash flow of $0.5 billionSecond qua ...

PALO ALTO, Calif., May 29, 2024 (GLOBE NEWSWIRE) -- HP (NYSE: HPQ) Second quarter GAAP diluted net earnings per share ("EPS") of $0.61, within the previously provided outlook of $0.58 to $0.68 per shareSecond quarter non-GAAP diluted net EPS of $0.82, within the previously provided outlook of $0.76 to $0.86 per shareSecond quarter net revenue of $12.8 billion, down 0.8% from the prior-year periodSecond quarter net cash provided by operating activities of $0.6 billion, free cash flow of $0.5 billionSecond qu ...

HP Inc. (HPQ) is slated to release second-quarter fiscal 2024 results on May 29, after market close.The company expects fiscal second-quarter non-GAAP earnings per share between 76 cents and 86 cents. The Zacks Consensus Estimate for earnings is pegged at 81 cents, indicating an improvement of 1.3% from the year-ago quarter.The Zacks Consensus Estimate for revenues is pegged at $12.5 billion, suggesting a decline of 3.2% from the prior-year quarter.HP’s earnings surpassed estimates in one of the trailing fo ...

HP (HPQ) closed at $32.75 in the latest trading session, marking a +0.31% move from the prior day. This change lagged the S&P 500's 0.7% gain on the day. Elsewhere, the Dow saw an upswing of 0.01%, while the tech-heavy Nasdaq appreciated by 1.1%.Shares of the personal computer and printer maker have appreciated by 16.07% over the course of the past month, outperforming the Computer and Technology sector's gain of 8.26% and the S&P 500's gain of 4.03%.Investors will be eagerly watching for the performance of ...

“Safety first” should be the credo of every dividend collector. Otherwise, you could end up losing money even if you’re collecting quarterly distributions. Sure, it may be tempting to invest in HP (NYSE:HPQ) in a quest for high yield. However, after learning more about HP and the market in which it operates, you’ll probably decide to leave HP stock alone.Just to avoid confusion, the electronics producer formerly known as Hewlett-Packard split in late 2015 into two separate companies. One of the two business ...