PALO ALTO, Calif., Aug. 26, 2021 (GLOBE NEWSWIRE) — HP (NYSE: HPQ)
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Third quarter GAAP diluted net earnings per share (“EPS”) of $0.92, above the previously provided outlook of $0.77 to $0.81 per share
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Third quarter non-GAAP diluted net EPS of $1.00, above the previously provided outlook of $0.81 to $0.85 per share
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Third quarter net revenue of $15.3 billion, up 7.0% from the prior-year period
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Third quarter net cash provided by operating activities of $1.1 billion, free cash flow of $1.0 billion
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Third quarter returned $1.7 billion to shareholders in the form of share repurchases and dividends
HP Inc.’s fiscal 2021 third quarter financial performance | ||||||||||||
Q3 FY21 | Q3 FY20 | Y/Y | ||||||||||
GAAP net revenue ($B) | $ | 15.3 | $ | 14.3 | 7.0% | |||||||
GAAP operating margin | 9.0% | 5.4% | 3.6 pts | |||||||||
GAAP net earnings ($B) | $ | 1.1 | $ | 0.7 | 51% | |||||||
GAAP diluted net EPS | $ | 0.92 | $ | 0.52 | 77% | |||||||
Non-GAAP operating margin | 9.8% | 6.1% | 3.7 pts | |||||||||
Non-GAAP net earnings ($B) | $ | 1.2 | $ | 0.7 | 71% | |||||||
Non-GAAP diluted net EPS | $ | 1.00 | $ | 0.49 | 104% | |||||||
Net cash provided by operating activities ($B) | $ | 1.1 | $ | 1.7 | (34)% | |||||||
Free cash flow ($B) | $ | 1.0 | $ | 1.6 | (38)% |
Notes to table
Information about HP Inc.’s use of non-GAAP financial information is provided under “Use of non-GAAP financial information” below.
Net revenue and EPS results
HP Inc. and its subsidiaries (“HP”) announced fiscal 2021 third quarter net revenue of $15.3 billion, up 7.0% (up 4.1% in constant currency) from the prior-year period.
“Strong and sustained demand for our technology drove another quarter of top and bottom-line growth and we more than doubled non-GAAP EPS year over year,” said Enrique Lores, HP President and CEO. “We are performing while we are transforming our business models and service offerings to accelerate growth opportunities across our portfolio. The evolving hybrid world is driving innovation and market expansion for HP and we are well positioned to capitalize on trends in our markets.”
Third quarter GAAP diluted net EPS was $0.92, up from $0.52 in the prior-year period and above the previously provided outlook of $0.77 to $0.81. Third quarter non-GAAP diluted net EPS was $1.00, up from $0.49 in the prior-year period and above the previously provided outlook of $0.81 to $0.85. GAAP and Non-GAAP diluted net EPS includes a net benefit of $0.13 per diluted share, resulting from a reduction in previously estimated sales and marketing program incentives which was partially offset by discretionary investments in, among other things, R&D, marketing and investing in our hybrid work strategy. Third quarter non-GAAP net earnings and non-GAAP diluted net EPS excludes after-tax adjustments of $90 million, or $0.08 per diluted share, related to restructuring and other charges, acquisition-related charges, amortization of intangible assets, non-operating retirement-related (credits)/charges, debt extinguishment costs, and tax adjustments.
Asset management
HP’s net cash provided by operating activities in the third…
Read More: HP Inc. Reports Fiscal 2021 Third Quarter Results