When HP Inc. (NYSE: HPQ) released its fiscal second-quarter financial results after the markets closed on Tuesday, the company said that it had $0.48 in earnings per share (EPS) on $14.0 billion in revenue. That compared with consensus estimates of $0.48 in EPS on revenue of $13.57 billion, as well as the $0.40 per share and $12.38 billion posted in the same period of last year.
Apart from earnings, HP also announced that Steve Fieler has been named the chief financial officer, effective July 1. He will succeed Cathie Lesjak, who will assume the role of interim chief operating officer.
In terms of its segments the firm reported as follows:
- Personal Systems net revenue was up 14% year over year (up 11% in constant currency) with a 3.8% operating margin. Commercial net revenue increased 16% and Consumer net revenue increased 10%. Total units were up 7% with Notebooks units up 7% and Desktops units up 7%.
- Printing net revenue was up 11% year over year (up 9% in constant currency) with a 16.0% operating margin. Total hardware units were up 13% with Commercial hardware units up 88% and Consumer hardware units up 4%. Supplies net revenue was up 8% (up 6% in constant currency).
Looking ahead to the fiscal third quarter, the company expects to see EPS in the range of $0.49 to $0.52. Thomson Reuters consensus estimates call for $0.49 in EPS and $13.92 billion in revenue for the quarter.
Dion Weisler, president and CEO of HP, commented:
We delivered another quarter of double digit year over year revenue and profit growth, strong EPS and impressive free cash flow and performed well across segments and regions. Our sharp focus on innovation, combined with operational excellence and driving profitable growth is paying off.
Shares of HP closed Tuesday at $21.30, with a consensus analyst price target of $25.76 and a 52-week trading range of $17.10 to $24.75. The stock was up just over 2% at $21.83 in early trading indications Wednesday.
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