HP Inc. Reports Fiscal 2019 Third Quarter Results

  Three months ended
  July 31, 2019   April 30, 2019   July 31, 2018
Net revenue $ 14,603     $ 14,036     $ 14,586  
Costs and expenses:          
Cost of revenue 11,698     11,307     11,898  
Research and development 413     353     347  
Selling, general and administrative(a) 1,376     1,339     1,289  
Restructuring and other charges 17     69     4  
Acquisition-related (credits) charges (9 )   11     10  
Amortization of intangible assets 29     29     20  
Total costs and expenses 13,524     13,108     13,568  
           
Earnings from operations 1,079     928     1,018  
Interest and other, net(a) (831 )   (45 )    
Earnings before taxes 248     883     1,018  
Benefit from (provision for) taxes 931     (101 )   (138 )
Net earnings $ 1,179     $ 782     $ 880  
           
Net earnings per share:          
Basic $ 0.79     $ 0.51     $ 0.55  
Diluted $ 0.78     $ 0.51     $ 0.54  
           
Cash dividends declared per share $ 0.32     $     $ 0.28  
           
Weighted-average shares used to compute net earnings per share:          
Basic 1,499     1,529     1,601  
Diluted 1,508     1,536     1,618  

(a) Pursuant to adoption of Accounting Standard Update ("ASU")  2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost”, in the first quarter of fiscal year 2019, HP now reclassifies all components (excluding service cost component) of net periodic benefit cost from Selling, general and administrative expenses to Interest and other, net. HP reflected this change in prior reporting periods on an as-if basis.

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