HP reports third-quarter net revenue up 2%, but print revenue was down 3%
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HP Inc. and its subsidiaries announced fiscal 2024 third-quarter net revenue of $13.5 billion, up 2% (up 3% in constant currency) from the prior-year period.
“We are pleased with our return to revenue growth and proud of the innovations delivered in the quarter, including the launch of our next-generation AI PC lineup” said Enrique Lores, President and CEO, HP Inc. “We remain focused on our strategic plan and will prioritize opportunities that drive long-term profitable growth, while taking decisive action to navigate a dynamic environment.”
Third-quarter GAAP diluted net EPS was $0.65, down from $0.76 in the prior-year period and within the previously provided outlook of $0.63 to $0.77. Third quarter non-GAAP diluted net EPS was $0.83, down from $0.86 in the prior-year period and within the previously provided outlook of $0.78 to $0.92. Third quarter non-GAAP net earnings and non-GAAP diluted net EPS excludes after-tax adjustments of $179 million, or $0.18 per diluted share, related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, non-operating retirement-related credits and tax adjustments.
Fiscal 2024 third quarter segment results
- Personal Systems net revenue was $9.4 billion, up 5% year over year (up 5% in constant currency) with a 6.4% operating margin. Consumer PS net revenue was down 1% and Commercial PS net revenue was up 8%. Total units were up 1% with Consumer PS units down 6% and Commercial PS units up 6%.
- Printing net revenue was $4.1 billion, down 3% year over year (down 2% in constant currency) with a 17.3% operating margin. Consumer Printing net revenue was up 2% and Commercial Printing net revenue was down 5%. Supplies net revenue was down 2% (down 1% in constant currency). Total hardware units were down 2%, with Consumer Printing units flat and Commercial Printing units down 4%.
“We are pleased with our return to revenue growth and proud of the innovations delivered in the quarter, including the launch of our next-generation AI PC lineup” said Enrique Lores, President and CEO, HP Inc. “We remain focused on our strategic plan and will prioritize opportunities that drive long-term profitable growth, while taking decisive action to navigate a dynamic environment.”
Third quarter GAAP diluted net EPS was $0.65, down from $0.76 in the prior-year period and within the previously provided outlook of $0.63 to $0.77. Third quarter non-GAAP diluted net EPS was $0.83, down from $0.86 in the prior-year period and within the previously provided outlook of $0.78 to $0.92. Third quarter non-GAAP net earnings and non-GAAP diluted net EPS excludes after-tax adjustments of $179 million, or $0.18 per diluted share, related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, non-operating retirement-related credits and tax adjustments.
Fiscal 2024 third quarter segment results
- Personal Systems net revenue was $9.4 billion, up 5% year over year (up 5% in constant currency) with a 6.4% operating margin. Consumer PS net revenue was down 1% and Commercial PS net revenue was up 8%. Total units were up 1% with Consumer PS units down 6% and Commercial PS units up 6%.
- Printing net revenue was $4.1 billion, down 3% year over year (down 2% in constant currency) with a 17.3% operating margin. Consumer Printing net revenue was up 2% and Commercial Printing net revenue was down 5%. Supplies net revenue was down 2% (down 1% in constant currency). Total hardware units were down 2%, with Consumer Printing units flat and Commercial Printing units down 4%.