HP Inc. Reports Fiscal 2018 First Quarter Results

PALO ALTO, Calif., Feb. 22, 2018 (GLOBE NEWSWIRE) -- HP (NYSE:HPQ)

  
First quarter GAAP diluted net earnings per share of $1.16, above the previously provided outlook of $0.38 to $0.42 per share
First quarter non-GAAP diluted net earnings per share of $0.48, above the previously provided outlook of $0.40 to $0.43 per share
First quarter net revenue of $14.5 billion, up 14% (up 13% in constant currency) from the prior-year period
First quarter net cash provided by operating activities of $996 million
First quarter free cash flow of $977 million
First quarter returned $692 million to shareholders in the form of share repurchases and dividends
  


  
HP Inc.'s fiscal 2018 first quarter financial performance 
  Q1 FY18 Q1 FY17 Y/Y  
GAAP net revenue ($B) $14.5  $12.7  14%  
GAAP operating margin
 6.7%
  6.7%
  flat
  
GAAP net earnings ($B) $1.9  $0.6  217%  
GAAP diluted net earnings per share $1.16  $0.36  222%  
Non-GAAP operating margin 7.0%  7.1%  (0.1)pts  
Non-GAAP net earnings ($B) $0.8  $0.6  24%  
Non-GAAP diluted net earnings per share $0.48  $0.38  26%  
Net cash provided by operating activities ($B) $1.0  $0.8  30%  
Free cash flow ($B) $1.0  $0.7  33%  
             

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 2018 first quarter net revenue of $14.5 billion, up 14% (up 13% in constant currency) from the prior-year period.

First quarter GAAP diluted net EPS was $1.16, up from $0.36 in the prior-year period and above the previously provided outlook of $0.38 to $0.42. First quarter non-GAAP diluted net EPS was $0.48, up from $0.38 in the prior-year period and above the previously provided outlook of $0.40 to $0.43. First quarter non-GAAP net earnings and non-GAAP diluted net EPS exclude after-tax adjustments of $1.1 billion, or $0.68 per share, related to restructuring and other charges, acquisition-related charges, defined benefit plan settlement charges, amortization of intangible assets, non-operating retirement-related credits/(charges), net tax indemnification amounts and US tax reform adjustment.

“We’re coming out of the gate strong in Q1, with double digit revenue and EPS growth year over year,” said Dion Weisler, President and CEO, HP Inc. “Our impressive results spanned all segments and all regions, reflecting our innovative product portfolio and global execution.”

Asset management
HP’s net cash provided by operating activities in the first quarter was $996 million. Accounts receivable ended the quarter at $4.4 billion, down 2 days quarter over quarter to 27 days. Inventory ended the quarter at $5.7 billion, down 3 days quarter over quarter to 43 days. Accounts payable ended the quarter at $12.8 billion, down 8 days quarter over quarter to 97 days.

HP generated $977 million of free cash flow in the first quarter of fiscal 2018. Free cash flow includes net cash provided by operating activities and net investments in property, plant and equipment of $19 million.

HP’s dividend payment of $0.1393 per share in the first quarter resulted in cash usage of $0.2 billion. HP also utilized $0.5 billion of cash during the quarter to repurchase approximately 21.2 million shares of common stock in the open market.  As a result, HP returned 71% of its free cash flow to shareholders in the first quarter of fiscal 2018. HP exited the quarter with $6.7 billion in gross cash, which includes cash and cash equivalents and short-term investments of $1.3 billion included in other current assets.

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