HP Announced Third-Quarter Earnings, Shares Dropped

Published on: 24 Aug, 2017

On Wednesday, HP Inc (NYSE: HPQ) announced its financial results for the third quarter of 2017, with both earnings and revenue beating expectation. Shares of the company decreased after the announcement in the extended session Wednesday.

According to the company, net income for the third quarter decreased from $783 million, or $45 per share for the same period last year to $696 million, or $0.41 cents per share. Adjusted earnings per share was $0.43 for the third quarter, surpassing estimates of $0.42 per share. Revenue for the third quarter was $13.1 billion, increasing 10% from $11.89 billion, for the same period last year. The result also beat estimates of $12.3 billion.

“Q3 was another outstanding quarter of successfully executing our reinvention strategy,” Dion Weisler, the President and CEO of HP Inc, said in the statement on Wednesday.

“We stabilized supplies revenue a quarter earlier than expected, posted double-digit revenue growth, delivered non-GAAP earnings per share at the high end of our previously provided outlook range and generated approximately $1.7 billion in free cash flow,” he said.

The company also provided guidance for the fourth quarter of fiscal 2017 in the statement. GAAP diluted net EPS from continuing operations was expected to be between $0.37 and $0.41 per share. Non-GAAP diluted net EPS was expected to be between $0.42 and $0.45 per share.

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