HP Inc. | $HPQ Stock | HP Beats Revenue Estimates & Appoints New CFO

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HP Inc. (NYSE: HPQ)

 

HP reported its second quarter earnings after the bell on Tuesday. The company reported adjusted earnings per share of $0.48 which finished in line with estimates.

HP also reported revenue of $14 billion that edged above analysts’ projections. It also raised its guidance for the full year.

The printing industry and personal computer company also appointed Steve Fieler as its new chief financial officer.

The position is currently held by Catherine Lesjack who is set to retire in 2019. Meanwhile, Fieler is currently in charge of HP’s corporate finance and treasury department. HPQ stock ended Tuesday’s regular trading at $21.30.

HPQ Earnings & Outlook

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The company posted a net income of $1.06 billion, or $0.64 per share during the quarter. This compares with $559 million, or $0.33 per share, in the same quarter last year. Adjusted per-share earnings were $0.48 during the period.

HP reported a revenue of $14 billion versus the $12.6 billion it reported in the year-ago period. This represents a jump of $1.6 billion, or 12.9%. Analysts had estimated adjusted per-share earnings of $0.48 and a revenue of $13.57 billion.

The company saw revenue from its PC systems segment climb to $8.76 billion, or an increase of 14% on year-over-year basis during the period with desktop computers and notebook both climbing by 7%.

Revenue from the printing segment jumped to $5.2 billion, or an increase 11% from the year-ago quarter. HP polished this segment by targeting corporate clients with higher-end offerings. The profit margins of the segment were also boosted by strong ink sales.

For the upcoming quarter, the company expects to report adjusted per-share earnings of between $0.49 and $0.52. On the other hand, Wall Street expects it to post adjusted per-share earnings of $0.49 on a revenue of $13.93 billion.

HP CEO Comments

“We delivered another quarter of double digit year over year revenue and profit growth, strong EPS and impressive free cash flow and performed well across segments and regions. Our sharp focus on innovation, combined with operational excellence and driving profitable growth is paying off,” said President and Chief Executive Officer of HP Inc, Mr. Dion Weisler.

HP Inc. Company Profile

HP Inc. engages in the provision of products, software, technologies, services, and solutions to medium-sized and small businesses, individual consumers, and large organizations, including customers in the education, health, and government sectors globally. The company operates under the Printing and Personal Systems segments.

Through the Printing segment, the company provides commercial and consumer printer solutions, supplies, services, hardware, and media devices.

Through the Personal Systems segment, the company provides commercial mobility devices and tablets, thin clients, displays, personal computers (PCs), workstations, retail point-of-sale systems, consumer PCs and other related services, support, accessories, and software for the consumer and commercial markets.

The company was founded in 1939 and was previously known as Hewlett Packard Company before it changed to HP Inc. in 2015. Its head offices are located in Palo Alto, California. –Reuters

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