Data courtesy of Print my Leg Earnings Announcement August 28, 2024 | Q3 FY24 Forward-looking Statements This presentation contains forward-looking statements based on current expectations and assumptions that involve risks and uncertainties. If the risks or uncertainties ever materialize or the assumptions prove incorrect, they could affect the business and results of operations of HP Inc. and its consolidated subsidiaries ("HP") which may differ materially from those expressed orimplied by such forward-lo ...

HP (HPQ) came out with quarterly earnings of $0.83 per share, missing the Zacks Consensus Estimate of $0.86 per share. This compares to earnings of $0.86 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -3.49%. A quarter ago, it was expected that this personal computer and printer maker would post earnings of $0.81 per share when it actually produced earnings of $0.82, delivering a surprise of 1.23%.Over the last four quarters, ...

Financial Performance - Total net revenue for Q3 2024 was $13,519 million, a 2.4% increase from $13,196 million in Q3 2023[12] - Gross margin for Q3 2024 was $2,906 million, compared to $2,822 million in Q3 2023, reflecting a gross margin increase of 2.9%[12] - Net earnings for Q3 2024 were $640 million, down 16.4% from $766 million in Q3 2023[12] - Earnings from operations for Q3 2024 were $940 million, slightly down from $952 million in Q3 2023[12] - The diluted net earnings per share for Q3 2024 were $0.65, compared to $0.76 in Q3 2023, a decrease of 14.5%[12] - The company reported a comprehensive income of $557 million for Q3 2024, down from $780 million in Q3 2023[14] - Net earnings for the nine months ended July 31, 2024, were $1,869 million, a decrease of 18.3% compared to $2,289 million for the same period in 2023[21] - For the three months ended July 31, 2024, net revenue was $13,519 million, an increase from $13,196 million for the same period in 2023, representing a growth of 2.4%[109] - Net earnings for the three months ended July 31, 2024, were $640 million, compared to $766 million for the same period in 2023, representing a decrease of approximately 16.5%[134] Expenses and Costs - Research and development expenses increased to $413 million in Q3 2024, up from $354 million in Q3 2023, representing a 16.6% increase[12] - Total operating expenses for Q3 2024 were $1,966 million, compared to $1,870 million in Q3 2023, indicating a rise of 5.1%[12] - Stock-based compensation expense increased to $367 million for the nine months ended July 31, 2024, compared to $353 million in the prior year, reflecting a rise of 4.0%[21] - Selling, General and Administrative (SG&A) expenses increased by 7.8% for the three months ended July 31, 2024, amounting to $1.404 billion, primarily due to higher investments in personnel and market initiatives[167] - Interest and other net expenses for the three months ended July 31, 2024, were $(113) million, compared to $(16) million in 2023, showing a significant increase in expenses[109] Assets and Liabilities - Total current assets increased to $19,315 million as of July 31, 2024, up from $17,977 million on October 31, 2023, representing a growth of 7.4%[17] - Total liabilities increased to $39,451 million as of July 31, 2024, compared to $37,004 million on October 31, 2023, indicating a rise of 6.6%[17] - Long-term debt decreased to $8,229 million from $9,254 million, showing a reduction of 11.1%[17] - Cash, cash equivalents, and restricted cash decreased to $2,878 million at the end of the period from $3,232 million at the beginning, reflecting a decline of 10.9%[21] - Total current liabilities were $10.200 billion as of July 31, 2024, slightly down from $10.212 billion as of October 31, 2023[70] Shareholder Returns - The company repurchased $1,200 million of common stock during the nine months ended July 31, 2024[21] - Cash dividends paid were $523 million, with a dividend of $0.52 per common share[36] - HP returned $2.0 billion to shareholders in cash dividends of $0.8 billion and share repurchases of $1.2 billion during the nine months ended July 31, 2024[194] Strategic Initiatives - HP's Fiscal 2023 Plan includes efforts to drive growth through investments in people and improving product mix[9] - The company anticipates structural cost savings driven by operational efficiency and digital transformation initiatives[9] - HP plans to reduce global headcount by approximately 4,000 to 6,000 employees as part of the Future Ready Plan, expecting to incur pre-tax charges of approximately $1.0 billion, with about $0.7 billion related to labor costs[42] - HP's Future Ready Plan aims to enhance digital capabilities and operational efficiency, with an accelerated cumulative savings target for fiscal year 2024[157] Market Performance - Personal Systems segment net revenue reached $9,369 million, up from $8,932 million, representing a 4.9% year-over-year growth[36] - Printing segment net revenue was $4,143 million, a slight decrease from $4,263 million, reflecting a 2.8% decline year-over-year[36] - The Commercial PS segment generated $6,677 million in revenue, compared to $6,201 million, marking an increase of 7.7% year-over-year[36] - The company reported a balance of $581 million in product warranty liabilities at the end of the period, down from $706 million at the beginning, with accruals for warranties issued amounting to $524 million[150] Legal Matters - The company has ongoing litigation related to copyright levies in European countries, which may impact future cash flows and operations[136] - HP India is involved in ongoing customs duty disputes with the India Directorate of Revenue Intelligence, with potential liabilities totaling approximately $386 million[138] - HP has been named in multiple legal proceedings regarding supplies authentication protocols, with claims based on misleading consumer notifications and potential damages sought[140] - HP's litigation with Philips regarding patent infringement has resulted in a final determination by the ITC that no violation occurred, allowing HP to resume litigation in federal court[138] Tax and Compliance - HP's effective tax rate was 22.6% for the three months ended July 31, 2024, compared to 18.2% for the same period in 2023[54] - As of July 31, 2024, HP had gross unrecognized tax benefits of $1.2 billion, with up to $867 million potentially affecting the effective tax rate if realized[55] - The company expects a potential reduction of $21 million in existing gross unrecognized tax benefits within the next 12 months[55] Operational Challenges - The company anticipates continued macroeconomic challenges, including geopolitical conflicts and inflationary trends, which may impact demand for its products[156] - The Printing segment faces challenges from changing customer behaviors and competition from non-original supplies, impacting overall performance[155] - HP's operational strategies include optimizing sales coverage models and enhancing pricing strategies to address competitive pressures and market demands[155]

1501 Page Mill Road Palo Alto, CA 94304 hp.com Editorial contacts HP Inc. Media Relations MediaRelations@hp.com HP Inc. Investor Relations InvestorRelations@hp.com News Release HP Inc. Reports Fiscal 2024 Third Quarter Results PALO ALTO, Calif. – Aug 28, 2024 (GLOBE NEWSWIRE) – HP (NYSE: HPQ) • Third quarter GAAP diluted net earnings per share ("EPS") of $0.65, within the previously provided outlook of $0.63 to $0.77 per share • Third quarter non-GAAP diluted net EPS of $0.83, within the previously provided ...

PALO ALTO, Calif., Aug. 28, 2024 (GLOBE NEWSWIRE) -- HP (NYSE: HPQ) Third quarter GAAP diluted net earnings per share ("EPS") of $0.65, within the previously provided outlook of $0.63 to $0.77 per shareThird quarter non-GAAP diluted net EPS of $0.83, within the previously provided outlook of $0.78 to $0.92 per shareThird quarter net revenue of $13.5 billion, up 2.4% from the prior-year periodThird quarter net cash provided by operating activities of $1.4 billion, free cash flow of $1.3 billionThird quarter ...

About this content About Ian Lyall Ian Lyall, a seasoned journalist and editor, brings over three decades of experience to his role as Managing Editor at Proactive. Overseeing Proactive's editorial and broadcast operations across six offices on three continents, Ian is responsible for quality control, editorial policy, and content production. He directs the creation of 50,000 pieces of real-time news, feature articles, and filmed interviews annually. Prior to Proactive, Ian helped lead the business outpu ...

HP Inc. (HPQ) is slated to release third-quarter fiscal 2024 results on Aug 28, after market close.The company expects fiscal third-quarter non-GAAP earnings per share between 78 cents and 92 cents. The Zacks Consensus Estimate for earnings is pegged at 86 cents, indicating no change from the year-ago quarter.The Zacks Consensus Estimate for revenues is pegged at $13.4 billion, suggesting an improvement of 1.45% from the prior-year quarter.HP’s earnings surpassed estimates in one of the trailing four quarte ...

Wall Street analysts expect HP (HPQ) to post quarterly earnings of $0.86 per share in its upcoming report, which indicates no change from the year-ago quarter. Revenues are expected to be $13.39 billion, up 1.5% from the year-ago quarter.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Prior to a company's earnings announcement, it is crucial t ...

HP Inc. (HPQ) recently launched a range of gaming products that include the Omen 35L gaming desktop and components, HyperX QuadCast 2 and HyperX QuadCast 2 S mics, as well as the HyperX Alloy Rise 75 Wireless keyboard.HP has designed its OMEN 35L gaming desktop with future customization in mind. Gamers who love to build and upgrade their gaming setup will be able to do that with industry-standard components that are compatible with OMEN 35L. The OMEN 35L will also include Xbox Game Pass Ultimate, allowing u ...

HP (HPQ) ended the recent trading session at $34.81, demonstrating a +0.61% swing from the preceding day's closing price. The stock exceeded the S&P 500, which registered a loss of 0.2% for the day. Elsewhere, the Dow lost 0.15%, while the tech-heavy Nasdaq lost 0.34%.The personal computer and printer maker's shares have seen a decrease of 9% over the last month, not keeping up with the Computer and Technology sector's gain of 0.96% and the S&P 500's gain of 1.93%.Analysts and investors alike will be keepin ...