HP Inc. Reports Fiscal 2024 Third Quarter Results


HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Unaudited)
(In millions, except per share amounts)
 
  Nine months ended
  July 31, 2024  July 31, 2023
Net revenue:(a)   
Products$37,212  $37,615 
Services 2,292   2,286 
Total net revenue 39,504   39,901 
Cost of net revenue:(a)   
Products 29,359   30,085 
Services 1,328   1,293 
Total cost of net revenue 30,687   31,378 
Research and development 1,248   1,167 
Selling, general and administrative 4,249   4,031 
Restructuring and other charges   180       416  
Acquisition and divestiture charges   71       205  
Amortization of intangible assets   242       262  
Total costs and expenses   36,677       37,459  
Earnings from operations   2,827       2,442  
Interest and other, net   (410 )     (357 )
Earnings before taxes   2,417       2,085  
(Provision for) benefit from taxes   (548 )     204  
Net earnings $ 1,869     $ 2,289  
       
Net earnings per share:      
Basic $ 1.90     $ 2.31  
Diluted $ 1.88     $ 2.29  
       
Cash dividends declared per share $ 1.10     $ 1.05  
       
Weighted-average shares used to compute net earnings per share:      
Basic   986       991  
Diluted   994       999  

(a) Effective first quarter of fiscal 2024, HP presents consolidated net revenue and cost of net revenue bifurcated between products and services. HP has reflected this change to its prior reporting periods on an as-if basis. The reporting change had no impact to previously reported segment net revenue, consolidated net revenue, earnings from operations, net earnings or net EPS. Services include revenues from support and maintenance contracts and other services, and excludes product hardware and supplies revenues associated with as-a-service offerings and instant ink subscriptions which are categorized within product revenues.

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