HP Inc. Reports Fiscal 2020 Third Quarter Results

As in prior periods, the financial information set forth in this document, including any tax-related items, reflects estimates based on information available at this time. While HP believes these estimates to be reasonable, these amounts could differ materially from reported amounts in HP's Quarterly Reports on Form 10-Q for the fiscal quarter ended July 31, 2020, Annual Report on Form 10-K for the fiscal year ended October 31, 2020 and HP's other filings with the Securities and Exchange Commission. The forward-looking statements in this document are made as of the date of this document and HP assumes no obligation and does not intend to update these forward-looking statements.

HP's Investor Relations website at investor.hp.com contains a significant amount of information about HP, including financial and other information for investors. HP encourages investors to visit its website from time to time, as information is updated, and new information is posted.  The content of HP's website is not incorporated by reference into this document or in any other report or document HP files with the SEC, and any references to HP's website are intended to be inactive textual references only.


HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Unaudited)
(In millions, except per share amounts)
  Three months ended
  July 31, 2020  April 30, 2020  July 31, 2019
Net revenue$14,294  $12,469  $14,603 
Costs and expenses:     
Cost of revenue11,901  9,976  11,698 
Research and development359  338  413 
Selling, general and administrative1,156  1,216  1,376 
Restructuring and other charges59  81  17 
Acquisition-related charges (credits)11  3  (9)
Amortization of intangible assets29  29  29 
Total costs and expenses 13,515     11,643     13,524  
           
Earnings from operations 779     826     1,079  
Interest and other, net (28 )       (831 )
Earnings before taxes 751     826     248  
(Provision for) benefit from taxes (17 )   (62 )   931  
Net earnings $ 734     $ 764     $ 1,179  
           
Net earnings per share:          
Basic $ 0.52     $ 0.53     $ 0.79  
Diluted $ 0.52     $ 0.53     $ 0.78  
           
Cash dividends declared per share $ 0.35     $     $ 0.32  
           
Weighted-average shares used to compute net earnings per share:          
Basic 1,417     1,435     1,499  
Diluted 1,423     1,440     1,508  

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