HP reports fiscal 2024 revenue level at $53.6 billion

HP Inc. announced fiscal 2024 net revenue of $53.6 billion, down 0.3% (down 0.2% in constant currency) from the prior-year period.

Fiscal 2024 GAAP diluted net EPS was $2.81, down from $3.26 in the prior-year and above the previously provided outlook of $2.62 to $2.72. Fiscal 2024 non-GAAP diluted net EPS was $3.38, up from $3.28 in the prior-year period and within the previously provided outlook of $3.35 to $3.45. Fiscal 2024 non-GAAP net earnings and non-GAAP diluted net EPS exclude after-tax adjustments of $564 million, or $0.57 per diluted share, related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, debt extinguishment costs, non-operating retirement-related credits, tax adjustments, and the related tax impact on these items.

Fourth quarter net revenue was $14.1 billion, up 1.7% (up 2.3% in constant currency) from the prior-year period.

Fourth quarter GAAP diluted net EPS was $0.93, down from $0.97 in the prior-year period and above the previously provided outlook of $0.74 to $0.84. Fourth quarter non-GAAP diluted net EPS was $0.93, up from $0.90 in the prior-year period and within the previously provided outlook of $0.89 to $0.99. Fourth quarter non-GAAP net earnings and non-GAAP diluted net EPS excludes after-tax adjustments of $6 million, or nil per diluted share, related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, debt extinguishment costs, non-operating retirement-related credits, tax adjustments, and the related tax impact on these items.

“We are pleased with our Q4 performance where we saw revenue growth for the second consecutive quarter, driven by steady progress in Personal Systems and Print,” said Enrique Lores, HP President and CEO. “With momentum heading into FY25, we are well-positioned to capitalize on the commercial opportunity and lead the future of work.”

“In FY24 we drove non-GAAP EPS and free cash flow growth which allowed us to return approximately $3.2 billion to shareholders,” said Karen Parkhill, HP CFO. “As we look ahead, we are well positioned to deliver solid growth across revenue, non-GAAP net earnings, EPS and free cash flow in FY25. And given our confidence in the future, we are raising our annual dividend by 5 percent.”

Fiscal 2024 fourth quarter segment results

• Personal Systems net revenue was $9.6 billion, up 2% year over year (up 3% in constant currency) with a 5.7% operating margin. Consumer PS net revenue was down 4% and Commercial PS net revenue was up 5%. Total units were up 1% with Consumer PS units down 3% and Commercial PS units up 4%.

• Printing net revenue was $4.5 billion, up 1% year over year (up 2% in constant currency) with a 19.6% operating margin. Consumer Printing net revenue was up 3% and Commercial Printing net revenue was down 1%. Supplies net revenue was up 2% (up 3% in constant currency). Total hardware units were up 9.5%, with Consumer Printing units up 10% and Commercial Printing units up 9%.