HP Inc. Reports Fiscal 2018 Full Year and Fourth Quarter Results

PALO ALTO, Calif., Nov. 29, 2018 (GLOBE NEWSWIRE) -- HP (NYSE: HPQ)

  • Fiscal 2018 GAAP diluted net earnings per share (“EPS”) of $3.26, above the previously provided outlook of $2.82 to $2.85 per share

  • Fiscal 2018 non-GAAP diluted net EPS of $2.02, within the previously provided outlook of $2.00 to $2.03 per share  

  • Fiscal 2018 net revenue of $58.5 billion, up 12% from the prior-year period  

  • Fiscal 2018 net cash provided by operating activities of $4.5 billion, free cash flow of $4.2 billion  

  • Fiscal 2018 returned $3.5 billion to shareholders in the form of share repurchases and dividends  

  • Fourth quarter GAAP diluted net EPS of $0.91, above the previously provided outlook of $0.48 to $0.51 per share  

  • Fourth quarter non-GAAP diluted net EPS of $0.54, within the previously provided outlook of $0.52 to $0.55 per share  

  • Fourth quarter net revenue of $15.4 billion, up 10% from the prior-year period  

  • Fourth quarter net cash provided by operating activities of $1.0 billion, free cash flow of $0.8 billion  

  • Fourth quarter returned $0.8 billion to shareholders in the form of share repurchases and dividends
HP Inc.'s fiscal 2018 full-year and fourth quarter financial performance
 FY18 FY17 Y/Y Q4 FY18 Q4 FY17 Y/Y
GAAP net revenue ($B)$58.5 $52.1 12% $15.4 $13.9 10%
GAAP operating margin7.0% 6.8% 0.2 pts 6.8% 6.4% 0.4 pts
GAAP net earnings ($B)$5.3 $2.5 111% $1.5 $0.7 120%
GAAP diluted net EPS$3.26 $1.48 120% $0.91 $0.39 133%
            
Non-GAAP operating margin7.2% 7.4% (0.2) pts 7.1% 7.3% (0.2) pts
Non-GAAP net earnings ($B)$3.3 $2.8 17% $0.9 $0.7 15%
Non-GAAP diluted net EPS$2.02 $1.65 22% $0.54 $0.44 23%
Net cash provided by operating activities ($B)$4.5 $3.7 23% $1.0 $0.7 42%
Free cash flow ($B)$4.2 $3.3 24% $0.8 $0.5 64%

Notes to table
Information about HP Inc.'s use of non-GAAP financial information is provided under "Use of non-GAAP financial information" below.

Net revenue and EPS results
HP Inc. (“HP”) announced fiscal 2018 net revenue of $58.5 billion, up 12% (up 10% in constant currency) from the prior-year period.

Fiscal 2018 GAAP diluted net EPS was $3.26, up from $1.48 in the prior-year period and above the previously provided outlook of $2.82 to $2.85. Fiscal 2018 non-GAAP diluted net EPS was $2.02, up from $1.65 in the prior-year period and within the previously provided outlook of $2.00 to $2.03. Fiscal 2018 non-GAAP net earnings and non-GAAP diluted net EPS exclude after-tax adjustments of $2.0 billion, or $1.24 per diluted share, related to restructuring and other charges, acquisition-related charges, defined benefit plan settlement charges, amortization of intangible assets, non-operating retirement-related credits/(charges), debt extinguishment costs, and tax adjustments.

Fourth quarter net revenue was $15.4 billion, up 10% (up 9% in constant currency) from the prior-year period.

Fourth quarter GAAP diluted net EPS was $0.91, up from $0.39 in the prior-year period and above the previously provided outlook of $0.48 to $0.51. Fourth quarter non-GAAP diluted net EPS was $0.54, up from $0.44 in the prior-year period and within the previously provided outlook of $0.52 to $0.55. Fourth quarter non-GAAP net earnings and non-GAAP diluted net EPS exclude after-tax adjustments of $586 million, or $0.37 per diluted share, related to restructuring and other charges, acquisition-related charges, defined benefit plan settlement charges, amortization of intangible assets, non-operating retirement-related credits/(charges), and tax adjustments.

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