HP Inc. Reports Fiscal 2023 Second 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 quarters ending April 30, 2023 and July 31, 2023, Annual Report on Form 10-K for the fiscal year ending October 31, 2023, 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
  April 30, 2023  January 31, 2023  April 30, 2022
Net revenue$12,913  $13,828  $16,490 
Costs and expenses:     
Cost of revenue 9,984   11,019   13,157 
Research and development 410   403   425 
Selling, general and administrative 1,398   1,331   1,464 
Restructuring and other charges 200   141   82 
Acquisition and divestiture charges  73       84       32  
Amortization of intangible assets   86       85       52  
Total costs and expenses   12,151       13,063       15,212  
Earnings from operations   762       765       1,278  
Interest and other, net   (160 )     (181 )     (39 )
Earnings before taxes   602       584       1,239  
Benefit from (provision for) taxes   464       (97 )     (239 )
Net earnings $ 1,066     $ 487     $ 1,000  
           
Net earnings per share:          
Basic $ 1.08     $ 0.49     $ 0.95  
Diluted $ 1.07     $ 0.49     $ 0.94  
           
Cash dividends declared per share $     $ 0.53     $  
           
Weighted-average shares used to compute net earnings per share:          
Basic   991       989       1,050  
Diluted   998       996       1,062  

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