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 share
- Second quarter non-GAAP diluted net EPS of $0.82, within the previously provided outlook of $0.76 to $0.86 per share
- Second quarter net revenue of $12.8 billion, down 0.8% from the prior-year period
- Second quarter net cash provided by operating activities of $0.6 billion, free cash flow of $0.5 billion
- Second quarter returned $0.4 billion to shareholders in the form of dividends and share repurchases
| HP Inc.'s fiscal 2024 second quarter financial performance | |||||||
| Q2 FY24 | Q2 FY23 | Y/Y | |||||
| GAAP net revenue ($B) | $ | 12.8 | $ | 12.9 | (0.8)% | ||
| GAAP operating margin | 7.4% | 5.8% | 1.6 pts | ||||
| GAAP net earnings ($B) | $ | 0.6 | $ | 1.1 | (42)% | ||
| GAAP diluted net EPS | $ | 0.61 | $ | 1.06 | (42)% | ||
| Non-GAAP operating margin | 8.8% | 8.6% | 0.2 pts | ||||
| Non-GAAP net earnings ($B) | $ | 0.8 | $ | 0.8 | 3% | ||
| Non-GAAP diluted net EPS | $ | 0.82 | $ | 0.79 | 4% | ||
| Net cash provided by operating activities ($B) | $ | 0.6 | $ | 0.6 | (9)% | ||
| Free cash flow ($B) | $ | 0.5 | $ | 0.5 | (11)% | ||
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. and its subsidiaries (“HP”) announced fiscal 2024 second quarter net revenue of $12.8 billion, down 0.8% (down 1.2% in constant currency) from the prior-year period.
“We delivered a solid quarter and first half, and unveiled an innovative portfolio of solutions designed for the AI and hybrid era,” said Enrique Lores, President and CEO, HP Inc. "We have a clear strategy and are well positioned to drive profitable growth across our business.”
Second quarter GAAP diluted net EPS was $0.61, down from $1.06 in the prior-year period and within the previously provided outlook of $0.58 to $0.68. Second quarter non-GAAP diluted net EPS was $0.82, up from $0.79 in the prior-year period and within the previously provided outlook of $0.76 to $0.86. Second quarter non-GAAP net earnings and non-GAAP diluted net EPS excludes after-tax adjustments of $205 million, or $0.21 per diluted share, related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, non-operating retirement-related credits and tax adjustments.
