HP Inc. Reports Fiscal 2024 Second Quarter Results

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 FY24Q2 FY23Y/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.

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