Key Takeaways
- HP reported Q2 fiscal 2024 net revenue of $12.8 billion, down 0.8% from the prior-year period, with GAAP diluted net EPS of $0.61 and non-GAAP diluted net EPS of $0.82, both within the previously provided outlook ranges.
- Personal Systems net revenue increased by 3% year over year, while Printing net revenue decreased by 8% year over year.
- HP generated $481 million of free cash flow in Q2 and returned $0.4 billion to shareholders through dividends and share repurchases.
- For fiscal 2024, HP estimates GAAP diluted net EPS to be in the range of $2.60 to $2.90 and non-GAAP diluted net EPS to be in the range of $3.30 to $3.60.
- HP anticipates generating free cash flow in the range of $3.1 to $3.6 billion for fiscal 2024.
Topic Summary
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HP Inc. reported its fiscal 2024 second quarter results, showing a slight decline in net revenue to $12.8 billion, down 0.8% from the prior-year period. The company’s GAAP diluted net earnings per share (EPS) was $0.61, within the previously provided outlook. Non-GAAP diluted net EPS was $0.82, also within the expected range. HP generated $481 million in free cash flow and returned $0.4 billion to shareholders through dividends and share repurchases.
The company’s Personal Systems segment saw a 3% year-over-year increase in net revenue, while the Printing segment experienced an 8% decline. Looking ahead, HP provided outlook estimates for the fiscal 2024 third quarter and full year. For Q3, the company expects GAAP diluted net EPS to be between $0.63 and $0.77, and non-GAAP diluted net EPS between $0.78 and $0.92. For the full fiscal year 2024, HP anticipates GAAP diluted net EPS of $2.60 to $2.90 and non-GAAP diluted net EPS of $3.30 to $3.60, with an expected free cash flow ranging from $3.1 to $3.6 billion.
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