HP Inc. Reports Fiscal 2017 Full-Year and Fourth Quarter Results


 
HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Unaudited)
(In millions, except per share amounts)
 
  Twelve months ended Oct 31,
  2017  2016
Net revenue$52,056  $48,238 
Costs and expenses:   
Cost of revenue42,478  39,240 
Research and development1,190  1,209 
Selling, general and administrative4,376  3,833 
Restructuring and other charges362  205 
Acquisition-related charges125  7 
Amortization of intangible assets1  16 
Defined benefit plan settlement charges5  179 
Total costs and expenses48,537  44,689 
    
Earnings from continuing operations3,519  3,549 
Interest and other, net(243) 212 
Earnings from continuing operations before taxes3,276  3,761 
Provision for taxes(750) (1,095)
Net earnings from continuing operations2,526  2,666 
Net loss from discontinued operations  (170)
Net earnings$2,526  $2,496 
    
Net earnings per share:   
Basic   
Continuing operations$1.50  $1.54 
Discontinued operations  (0.10)
Total basic net earnings per share$1.50  $1.44 
Diluted   
Continuing operations$1.48  $1.53 
Discontinued operations  (0.10)
 Total diluted net earnings per share$1.48  $1.43 
    
Cash dividends declared per share$0.53  $0.50 
    
Weighted-average shares used to compute net earnings per share:   
 Basic1,688  1,730 
 Diluted1,702  1,743 
      


 
HP INC. AND SUBSIDIARIES
ADJUSTMENTS TO GAAP NET EARNINGS, EARNINGS FROM OPERATIONS,
OPERATING MARGIN AND DILUTED NET EARNINGS PER SHARE
(Unaudited)
(In millions, except per share amounts)
 
  Three
months
ended
October
31, 2017
  Diluted
net
earnings
per share
  Three
months
ended July
31, 2017
  Diluted
net
earnings
per share
  Three
months
ended
October 
31, 2016
  Diluted
net
earnings
per share
GAAP net earnings from continuing operations $ 660     $ 0.39     $ 696     $ 0.41     $ 513     $ 0.30  
Non-GAAP adjustments:                      
Restructuring and other charges 113     0.06     46     0.03     49     0.03  
Acquisition-related charges 49     0.03     40     0.02     7      
Non-operating retirement-related credits (34 )   (0.02 )   (34 )   (0.02 )   (28 )   (0.02 )
Defined benefit plan settlement charges 1         1         179     0.10  
Tax indemnification credits (23 )   (0.01 )   (10 )   (0.01 )   (435 )   (0.25 )
Adjustments for taxes (17 )   (0.01 )   (4 )       329     0.20  
Non-GAAP net earnings $ 749     $ 0.44     $ 735     $ 0.43     $ 614     $ 0.36  
                       
GAAP earnings from continuing operations $ 890         $ 955         $ 663      
Non-GAAP adjustments:                      
Restructuring and other charges 113         46         49      
Acquisition-related charges 49         40         7      
Non-operating retirement-related credits (34 )       (34 )       (28 )    
 Defined benefit plan settlement charges 1         1         179      
Non-GAAP earnings $ 1,019         $ 1,008         $ 870      
                       
GAAP operating margin from continuing operations 6 %       7 %       5 %    
Non-GAAP adjustments 1 %       1 %       2 %    
Non-GAAP operating margin 7 %       8 %       7 %    
 

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