HP Inc. Reports Fiscal 2023 Third Quarter Results
HP News, Tuesday, August 29,2023
HP Inc. and its subsidiaries ('HP') announced fiscal 2023 third quarter net revenue of $13.2 billion, down 9.9% (down 7.4% in constant currency) from the prior-year period.
'We delivered a solid quarter of sequential growth, combining strong innovation with disciplined execution to gain profitable PC market share and achieve our non-GAAP EPS target,' said Enrique Lores, HP President and CEO. "While we expect another quarter of sequential growth in Q4, the external environment has not improved as quickly as anticipated and we are moderating our expectations as a result. We remain confident in our ability to drive long-term growth and value creation as we focus on the things we can control and make continued progress against our Future Ready plan.'
Third quarter GAAP diluted net EPS was $0.76, down from $1.08 in the prior-year period and above the previously provided outlook of $0.61 to $0.71. Third quarter non-GAAP diluted net EPS was $0.86, down from $1.03 in the prior-year period and within the previously provided outlook of $0.81 to $0.91. Third quarter non-GAAP net earnings and non-GAAP diluted net EPS excludes after-tax adjustments of $93 million, or $0.10 per diluted share, related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, debt extinguishment benefit, non-operating retirement-related credits and tax adjustments.