HP Inc. Reports Fiscal 2019 Third Quarter Results


HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Unaudited)
(In millions, except per share amounts)

  Nine months ended
  July 31, 2019  July 31, 2018
Net revenue$43,349  $43,106 
Costs and expenses:   
Cost of revenue35,103  35,134 
Research and development1,110  1,050 
Selling, general and administrative(a)3,963  3,836 
Restructuring and other charges141  92 
Acquisition-related charges12  97 
Amortization of intangible assets87  60 
Total costs and expenses40,416  40,269 
    
Earnings from operations2,933  2,837 
Interest and other, net(a)(902) (831)
Earnings before taxes2,031  2,006 
Benefit from taxes733  1,870 
Net earnings$2,764  $3,876 
    
Net earnings per share:   
Basic$1.81  $2.38 
Diluted$ 1.80     $ 2.36  
       
Cash dividends declared per share $ 0.64     $ 0.56  
       
Weighted-average shares used to compute net earnings per share:      
Basic 1,528     1,627  
Diluted 1,537     1,645  

(a) Pursuant to adoption of 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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