HP Releases Fiscal 2024 Q3 Results

HP Releases Fiscal 2024 Q3 Results

HP and its subsidiaries disclosed its financial outcomes for the third quarter of fiscal year 2024.

Enrique Lores, President and CEO of HP Inc, expressed satisfaction about the return and innovation HP has made in this quarter. “We remain focused on our strategic plan and will prioritize opportunities that drive long-term profitable growth, while taking decisive action to navigate a dynamic environment.”

The net revenue reached US$13.5 billion, representing a 2.4% increase compared to the previous year. Net cash provided by operating activities resulted in US$1.4 billion, generating a free cash flow of US$1.3 billion in the third quarter. As of the quarter’s conclusion, HP existed with a gross cash total of US$2.9 billion, including US$2.8 billion in cash and cash equivalents, US$93 million in restricted cash, and US$3 million in short-term investments.

Analyzing the revenue by segment, HP gained a net revenue of US$4.1 billion in printing and US$9.4 billion in personal systems. Printing revenue saw a decline of 3% from 2023, constituted by a 2% rise in consumer printing and a 5% dip in commercial printing. Supplies net revenue experienced a drop by 5% year-on-year. Regarding total hardware units, the figure decreased by 2%, with consumer printing units flat and commercial printing units down 4%.

For the last quarter of fiscal year 2024, HP projects a GAAP diluted net EPS ranging from US$0.74 to US$0.84, and a non-GAAP diluted net EPS between US$0.89 and US$0.99, allowing for potential fluctuations. For the full fiscal year 2024, HP has narrowed its targets set in Q2. The revised goal for GAAP diluted net EPS is US$2.62 to US$2.72, and US$3.35 to US$3.45 for non-GAAP. Free cash flow anticipation remains the same, ranging from US$3.1 billion to US$3.6 billion for the entire fiscal year 2024.

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