HP Inc. Reports Fiscal 2023 Second Quarter Results

PALO ALTO, Calif., May 30, 2023 (GLOBE NEWSWIRE) -- HP (NYSE: HPQ)

  • Second quarter GAAP diluted net earnings per share ("EPS") of $1.07, above the previously provided outlook of $0.40 to $0.50 per share
  • Second quarter non-GAAP diluted net EPS of $0.80, within the previously provided outlook of $0.73 to $0.83 per share
  • Second quarter net revenue of $12.9 billion, down 21.7% from the prior-year period
  • Second quarter net cash provided by operating activities of $0.6 billion, free cash flow of $0.5 billion
  • Second quarter returned $0.3 billion to shareholders in the form of dividends
HP Inc.'s fiscal 2023 second quarter financial performance
 Q2 FY23Q2 FY22Y/Y
GAAP net revenue ($B)$12.9$16.5(21.7)%
GAAP operating margin 5.9% 7.8%(1.9) pts
GAAP net earnings ($B)$1.1$1.07%
GAAP diluted net EPS$1.07$0.9414%
Non-GAAP operating margin 8.7% 8.8%(0.1) pts
Non-GAAP net earnings ($B)$0.8$1.2(31)%
Non-GAAP diluted net EPS$0.80$1.08(26)%
Net cash provided by operating activities ($B)$0.6$0.525%
Free cash flow ($B)$0.5$0.454%

Notes to table
Information about HP Inc.'s use of non-GAAP financial information is provided under "Use of non-GAAP financial information" below.

Net revenue and EPS results

HP Inc. and its subsidiaries (“HP”) announced fiscal 2023 second quarter net revenue of $12.9 billion, down 21.7% (down 18.0% in constant currency) from the prior-year period.

“Our disciplined execution and strong innovation in a tough macro environment allowed us to deliver non-GAAP EPS at the high-end of our target in Q2,” said Enrique Lores, HP President and CEO. “We are well-positioned to win in our markets and drive long-term sustainable growth as we make continued progress against our Future Ready plan.”

Second quarter GAAP diluted net EPS was $1.07, up from $0.94 in the prior-year period and above the previously provided outlook of $0.40 to $0.50. Second quarter non-GAAP diluted net EPS was $0.80, down from $1.08 in the prior-year period and within the previously provided outlook of $0.73 to $0.83. Second quarter non-GAAP net earnings and non-GAAP diluted net EPS excludes after-tax adjustments of $(269) million, or $(0.27) 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.

Asset management

HP's net cash provided by operating activities in the second quarter of fiscal 2023 was $0.6 billion. Accounts receivable ended the quarter at $4.1 billion, up 1 day quarter over quarter to 29 days. Inventory ended the quarter at $7.2 billion, up 5 days quarter over quarter to 65 days. Accounts payable ended the quarter at $13.3 billion, up 10 days quarter over quarter to 120 days.

HP generated $0.5 billion of free cash flow in the second quarter. Free cash flow includes net cash provided by operating activities of $0.6 billion adjusted for net investments in leases of $35 million and net investments in property, plant and equipment of $130 million.

1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15  Next Page »
Featured Video
Jobs
Senior Platform Software Engineer, AI Server - GPU for Nvidia at Santa Clara, California
CAD Engineer for Nvidia at Santa Clara, California
Sr. Silicon Design Engineer for AMD at Santa Clara, California
GPU Design Verification Engineer for AMD at Santa Clara, California
Senior Firmware Architect - Server Manageability for Nvidia at Santa Clara, California
Design Verification Engineer for Blockwork IT at Milpitas, California
Upcoming Events
Phil Kaufman Award Ceremony and Banquet to be held November 6 at Hayes Mansion at Hayes Mansion 200 Edenvale Ave San Jose CA - Nov 6, 2024
SEMICON Europa 2024 at Messe München München Germany - Nov 12 - 15, 2024
DVCon Europe 2023 at Holiday Inn Munich – City Centre Munich Germany - Nov 14 - 15, 2024
SEMI MEMS & Imaging Sensors Summit, at International Conference Center Munich Germany - Nov 14, 2024



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise