HP Inc. Reports Fiscal 2023 First Quarter Results

As in prior periods, the financial information set forth in this document, including any tax-related items, reflects estimates based on information available at this time. While HP believes these estimates to be reasonable, these amounts could differ materially from reported amounts in HP’s Quarterly Reports on Form 10-Q for the fiscal quarters ended January 31, 2023, April 30, 2023 and July 31, 2023, Annual Report on Form 10-K for the fiscal year ended October 31, 2023, and HP’s other filings with the Securities and Exchange Commission. The forward-looking statements in this document are made as of the date of this document and HP assumes no obligation and does not intend to update these forward-looking statements.

HP’s Investor Relations website at investor.hp.com contains a significant amount of information about HP, including financial and other information for investors. HP encourages investors to visit its website from time to time, as information is updated, and new information is posted. The content of HP’s website is not incorporated by reference into this document or in any other report or document HP files with the SEC, and any references to HP’s website are intended to be inactive textual references only.



HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Unaudited)
(In millions, except per share amounts)


  Three months ended
  January 31, 2023  October 31, 2022  January 31, 2022
Net revenue$13,828  $14,801  $17,028 
Costs and expenses:     
Cost of revenue 11,019   12,084   13,643 
Research and development 403   382   418 
Selling, general and administrative 1,331   1,189   1,468 
Restructuring and other charges 141       70       68  
Acquisition and divestiture charges   84       235       20  
Amortization of intangible assets   85       74       52  
          Total costs and expenses   13,063       14,034       15,669  
Earnings from operations   765       767       1,359  
Interest and other, net   (181 )     (94 )     (32 )
Earnings before taxes   584       673       1,327  
Provision for taxes   (97 )     (675 )     (241 )
Net earnings (loss) $ 487     $ (2 )   $ 1,086  
           
Net earnings per share:          
Basic $ 0.49     $     $ 1.00  
Diluted $ 0.49     $     $ 0.99  
           
Cash dividends declared per share $ 0.53     $     $ 0.50  
           
Weighted-average shares used to compute net earnings per share:          
Basic   989       998       1,081  
Diluted   996       1,009       1,094  

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