HP Inc. and its subsidiaries (“HP”) announced fiscal 2020 first quarter net revenue of $14.6 billion, down 0.6% (up 0.5% in constant currency) from the prior-year period. Here are the highlights:

  • First quarter GAAP diluted net earnings per share (“EPS”) of $0.46, above the previously provided outlook of $0.39 to $0.42 per share
  • First quarter non-GAAP diluted net EPS of $0.65, above the previously provided outlook of $0.53 to $0.56 per share
  • First quarter net revenue of $14.6 billion, down 0.6% from the prior-year period
  • First quarter net cash provided by operating activities of $1.3 billion, free cash flow of $1.1 billion
  • First quarter returned $0.9 billion to shareholders in the form of share repurchases and dividends
  • Personal Systems net revenue was up 2% year over year (up 4% in constant currency) with a 6.7% operating margin
  • Commercial net revenue increased 7% and Consumer net revenue decreased 7%
  • Total units were up 4% with Notebooks units up 2% and Desktops units up 7%.
  • Printing net revenue was down 7% year over year (down 6% in constant currency) with a 16.0% operating margin
  • Total hardware units were down 10%
  • Commercial hardware revenue was down 1% and Consumer hardware revenue was down 13% 
  • Supplies net revenue was down 7% (down 7% in constant currency). 

“Our Q1 results reflect a business that is strong and getting stronger. Our non-GAAP EPS growth of 25% was significantly above our guided range, driven by tremendous execution against our strategic priorities,” said Enrique Lores, President and CEO, HP Inc. “This is a team at the top of its game, combining the industry’s best innovation with disciplined execution and cost management to deliver for our shareholders. We have great confidence in our plans and are raising our full-year earnings outlook.”

Source: HP Investor