Categories AlphaGraphs, Earnings, LATEST, Technology

HP Inc. beats Q3 earnings estimates; revenues in-line

HP Inc. (NYSE: HPQ) reported better-than-expected earnings for the third quarter of 2019 while revenues were in line with estimates.

The company also announced that its President and CEO Dion Weisler has decided to step down from his role due to a family health matter. Enrique Lores, who is currently President of HP’s Imaging, Printing and Solutions business, has been appointed as the new President and CEO effective November 1, 2019. Weisler will remain with HP through January 2020 to ensure a smooth transition.  

Shares tumbled 5% in aftermarket hours on Thursday.

HP Inc. beat earnings estimates for Q3 2019 while revenue matched expectations

Net revenue of $14.6 billion was relatively flat compared to the same period last year, and in line with estimates. Sales grew 2% in constant currency.

On a GAAP basis, net income rose 34% to $1.2 billion while EPS grew 44% to $0.78. Adjusted net income increased 4.8% to $880 million while EPS improved 11.5% to $0.58. Analysts had forecast adjusted EPS of $0.55.    

During the quarter, Personal Systems net revenue grew 3% year-over-year on a reported basis and 6% in constant currency. Commercial net revenue rose 10% while Consumer net revenue fell 11%. Total units increased 5% with a 2% increase in Notebook units and an 11% growth in Desktop units.

Also see: HP Inc. Q3 2019 Earnings Preview

Printing net revenue declined 5% year-over-year both on a reported basis and in constant currency. Total hardware units decreased 9%, with a 4% decline in Commercial hardware units and a 10% drop in Consumer hardware units. Supplies net revenue was down 7% both on a reported and constant currency basis.

For the fourth quarter of 2019, HP estimates GAAP EPS to be $0.51-0.55 and adjusted EPS to be $0.55-0.59. For fiscal-year 2019, HP raised its outlook for GAAP EPS to a range of $2.31-2.35 and adjusted EPS to a range of $2.18-2.22. This compares to the previous ranges for GAAP EPS of $2.04-2.11 and adjusted EPS of $2.14-2.21.

Listen to on-demand earnings calls and hear how management responds to analysts’ questions

Most Popular

HOG Earnings: Key quarterly highlights from Harley-Davidson’s Q4 2022 financial results

Harley-Davidson, Inc. (NYSE: HOG) reported fourth quarter 2022 earnings results today. Revenue increased 12% year-over-year to $1.14 billion. Net income attributable to Harley-Davidson, Inc. rose 94% YoY to $42 million,

After positive Q4, Advanced Micro Devices (AMD) looks at a mixed 2023

Advanced Micro Devices, Inc. (NASDAQ: AMD) this week issued a cautious outlook for the first quarter of 2023, after reporting stronger-than-expected fourth-quarter results. The chipmaker did not provide full-year guidance,

META Earnings: All you need to know about Meta Platforms’ Q4 2022 earnings results

Meta Platforms, Inc. (NASDAQ: META) reported fourth quarter 2022 earnings results today. Revenue declined 4% year-over-year to $32.17 billion. Net income fell 55% to $4.6 billion while EPS dropped 52%

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top