HP’s Printing Revenue Falls in 2Q2015

HP announced financial results for its fiscal second quarter of 2015  which ended on April 30, 2015. The net revenue was $25.5 billion, down 7% YOY and down 2% on a constant currency basis. Non-GAAP operating profit is US$996 million, covering 18.3% of revenue. Total hardware units were down by 4% with Commercial hardware units up by 1% and Consumer hardware units down by 6%. Supplies revenue was down 5%.

Printing revenue recorded US$5.5 billion, down by 7% YOY. Meg Whitman, HP’s President and Chief Executive Officer, concluded, “In Printing, currency is a challenge, but we gained a point of share in laser year-over-year and saw a good growth in value multifunction printers and graphics. We also saw significant momentum in Managed Print Services with year-over-year growth in total contract value led by strong new logo signings.”

In this quarter, GAAP diluted net earnings per share (EPS) was $0.55, down from $0.66 YOY. Non-GAAP diluted net EPS was $0.87, down from $0.88 YOY. Non-GAAP net earnings and non-GAAP diluted net EPS excluding after-tax costs of $585 million and $0.32 per diluted share, respectively, related to separation costs, restructuring charges, the amortization of intangible assets and acquisition-related charges.

In its outlook for fiscal year 2015, HP estimates non-GAAP diluted net EPS to be in the range of $3.53 to $3.73 and GAAP diluted net EPS to be in the range of $2.03 to $2.23. Fiscal 2015 non-GAAP diluted net EPS estimates excluding after-tax costs of approximately $1.50 per share, related to separation costs, the amortization of intangible assets, restructuring charges, defined benefit plans, settlement charges and acquisition-related charges.

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