HP Inc. beats by $0.01, beats on revs; guides Q3 EPS in-line; guides FY24 EPS in-line (32.80 -0.34)
- Reports Q2 (Apr) earnings of $0.82 per share, excluding non-recurring items, $0.01 better than the FactSet Consensus of $0.81; revenues fell 0.8% year/year to $12.8 bln vs the $12.61 bln FactSet Consensus.
- Personal Systems net revenue was $8.4 billion, up 3% year over year (up 2% in constant currency) with a 6.0% operating margin. Consumer PS net revenue was down 3% and Commercial PS net revenue was up 6%. Total units were up 7% with Consumer PS units down 1% and Commercial PS units up 12%.
- Printing net revenue was $4.4 billion, down 8% year over year (down 7% in constant currency) with a 19.0% operating margin. Consumer Printing net revenue was down 16% and Commercial Printing net revenue was down 12%. Supplies net revenue was down 5% (down 4% in constant currency). Total hardware units were down 17%, with Consumer Printing units down 17% and Commercial Printing units down 17%.
- Personal Systems net revenue was $8.4 billion, up 3% year over year (up 2% in constant currency) with a 6.0% operating margin. Consumer PS net revenue was down 3% and Commercial PS net revenue was up 6%. Total units were up 7% with Consumer PS units down 1% and Commercial PS units up 12%.
- Co issues in-line guidance for Q3 (Jul), sees EPS of $0.78-0.92, excluding non-recurring items, vs. $0.85 FactSet Consensus.
- Co issues in-line guidance for FY24 (Oct), sees EPS of $3.30-3.60, excluding non-recurring items, vs. $3.42 FactSet Consensus.