Printer and PC maker HP Inc. (HPQ) posted strong results in the first quarter of 2018 with a jump in its profit, boosted by a $1 billion benefit from the recent U.S. tax reform.
On a GAAP basis, earnings more than quadrupled year-over-year to $1.94 billion or $1.16 per share. On an adjusted basis, earnings surged 26% to $0.48 per share.
Both GAAP and non-GAAP results for the quarter ended January 31, 2018, exceeded the previously provided outlook by the company. Revenue climbed 14% to $14.52 billion in the recently ended quarter.
For the second quarter of fiscal 2018, HP Inc. targets GAAP EPS to be between $0.42 and $0.46 and non-GAAP EPS to be between $0.45 to $0.49.
The company raised its outlook for the fiscal year 2018 from the previous estimates. Now, GAAP EPS is estimated to be in the range of $2.53 to $2.63, and non-GAAP EPS is targeted in the range of $1.90 to $2.00.