HP Inc. beats by $0.04, misses on revs; guides JulQ EPS in-line; guides FY23 EPS in-line
- Reports Q2 (Apr) earnings of $0.80 per share, excluding non-recurring items, $0.04 better than the FactSet Consensus of $0.76; revenues fell 21.7% year/year to $12.91 bln vs the $13.07 bln FactSet Consensus.
- Personal Systems revenue was $8.2 billion, down 29% year over year (down 25% in constant currency) with a 5.4% operating margin. Consumer PS net revenue was down 39% and Commercial PS net revenue was down 24%. Total units were down 28% with Consumer PS units down 34% and Commercial PS units down 23%.
- Printing revenue was $4.7 billion, down 5% year over year (down 2% in constant currency) with a 19.0% operating margin. Consumer Printing net revenue was down 19% and Commercial Printing net revenue was up 5%. Supplies net revenue was down 4% (down 3% in constant currency). Total hardware units were down 4% overall, with Consumer Printing units down 5% and Commercial Printing units flat.
- Co issues in-line guidance for Q3 (Jul), sees EPS of $0.81-0.91, excluding non-recurring items, vs. $0.86 FactSet Consensus.
- Co issues in-line guidance for FY23, sees EPS of $3.30-3.50, excluding non-recurring items, vs. $3.34 FactSet Consensus and vs $3.20-3.60 prior guidance.
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