HP Inc. Reports Fiscal 2019 Third Quarter Results

PALO ALTO, Calif., Aug. 22, 2019 (GLOBE NEWSWIRE) -- HP (NYSE: HPQ)

  • Third quarter GAAP diluted net earnings per share ("EPS") of $0.78, above the previously provided outlook of $0.49 to $0.52 per share
  • Third quarter non-GAAP diluted net EPS of $0.58, above the previously provided outlook of $0.53 to $0.56 per share
  • Third quarter net revenue of $14.6 billion, up 0.1% from the prior-year period
  • Third quarter net cash provided by operating activities of $2.3 billion, free cash flow of $2.2 billion
  • Third quarter returned $0.8 billion to shareholders in the form of share repurchases and dividends
HP Inc. fiscal 2019 third quarter financial performance  
    Q3 FY19   Q3 FY18   Y/Y    
GAAP net revenue ($B)   $ 14.6     $ 14.6     0.1 %  
GAAP operating margin   7.4 %   7.0 %   0.4 pts   
GAAP net earnings ($B)   $ 1.2     $ 0.9     34.0 %  
GAAP diluted net EPS   $ 0.78     $ 0.54     44.4 %  
Non-GAAP operating margin   7.6 %   7.2 %   0.4 pts   
Non-GAAP net earnings ($B)   $ 0.9     $ 0.8     4.8 %  
Non-GAAP diluted net EPS   $ 0.58     $ 0.52     11.5 %  
Net cash provided by operating activities ($B)   $ 2.3     $ 1.5     54.8 %  
Free cash flow ($B)   $ 2.2     $ 1.4     55.4 %  

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. (“HP”) announced fiscal 2019 third quarter net revenue of $14.6 billion, up 0.1% (up 2% in constant currency) from the prior-year period.

Third quarter GAAP diluted net EPS was $0.78, up from $0.54 in the prior-year period and above the previously provided outlook of $0.49 to $0.52. Third quarter non-GAAP diluted net EPS was $0.58, up from $0.52 in the prior-year period and above the previously provided outlook of $0.53 to $0.56. Third quarter non-GAAP net earnings and non-GAAP diluted net EPS exclude after-tax adjustments of $299 million, or $0.20 per diluted share, related to restructuring and other charges, acquisition-related charges (credits), amortization of intangible assets, non-operating retirement-related (credits)/charges, and tax adjustments.

“We continued to deliver strong free cash flow and non-GAAP EPS growth, while raising our non-GAAP EPS outlook,” said Dion Weisler, HP’s President and CEO. “We are delivering industry leading innovation across our portfolio, and I am confident we are taking the right actions to position HP for the future.”

Asset management
HP’s net cash provided by operating activities in the third quarter of fiscal 2019 was $2.3 billion. Accounts receivable ended the quarter at $5.3 billion, down 2-days quarter over quarter to 33 days. Inventory ended the quarter at $5.7 billion, up 1-day quarter over quarter to 44 days. Accounts payable ended the quarter at $14.6 billion, up 3 days quarter over quarter to 113 days.

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