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.”
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.