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Hewlett-Packard shares are tumbling more than 7% amid weak quarterly results

Autor: Financial Market
Timp de citit: 2 minute

HP Inc announced fiscal 2022 third-quarter net revenue of $14.7 billion, down 4.1% from the prior-year period while diluted net EPS was $1.08, up from $0.92 in the prior-year period and above the previously provided outlook of $0.91 to $0.96.

HP’s net cash provided by operating activities in the third quarter of fiscal 2022 was $0.4 billion and it generated $0.3 billion of free cash flow.

Net income came at $1.1 billion vs. $1.2 billion in Q2 2021.

Fiscal 2022 third quarter segment results

Personal Systems net revenue was $10.1 billion, down 3% year over year with a 6.9% operating margin. Consumer net revenue decreased 20% and Commercial net revenue increased 7%. Total units were down 25% with Notebooks units down 32% and Desktops units up 1%.
Printing net revenue was $4.6 billion, down 6% year over year with a 19.9% operating margin. Consumer net revenue was up 1% and Commercial net revenue was down 3%. Supplies net revenue was down 9% (down 9% in constant currency). Total hardware units were down 3% with Consumer units down 1% and Commercial units down 15%.

Total share repurchases and dividends from Hewlett&Packard amounted to $1.3 billion in the current quarter. In Q1, the purchase of 121 million shares of the company worth nearly $5 billion by Warren Buffett’s fund, Berkshire Hathaway (BRKB.US).

Funudsz still holds 11% of the company’s shares. On Monday, HP announced the acquisition of Poly, which creates solutions for hybrid and remote work.

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Outlook
For the fiscal 2022 fourth quarter, HP estimates diluted net EPS to be in the range of $0.44 to $0.54, which includes a GAAP-only charge of approximately $0.27 towards acquisition-related charges for Poly, and non-GAAP diluted net EPS to be in the range of $0.79 to $0.89, which includes an incremental approximate $0.05 headwind driven by Poly’s debt-related expenses and other deal-related costs.

Fiscal 2022 fourth quarter non-GAAP diluted net EPS estimates exclude $0.35 per diluted share, primarily related to restructuring and other charges, acquisition-related charges including charges related to Poly noted above, amortization of intangible assets, non-operating retirement-related (credits)/charges, tax adjustments and the related tax impact on these items.

For the fiscal year 2022, HP estimates GAAP diluted net EPS to be in the range of $3.46 to $3.56, which includes a GAAP-only charge of approximately $0.27 towards acquisition-related charges for Poly, and non-GAAP diluted net EPS to be in the range of $4.02 to $4.12, which includes an incremental approximate $0.05 headwind driven by Poly’s debt-related expenses and other deal-related costs. Fiscal 2022 non-GAAP diluted net EPS estimates exclude $0.56 per diluted share, primarily related to restructuring and other charges, acquisition-related charges including charges related to Poly noted above, Russia exit charges, amortization of intangible assets, non-operating retirement-related (credits)/charges, tax adjustments and the related tax impact on these items. For fiscal 2022, HP anticipates generating free cash flow in the range of $3.2 billion to $3.7 billion