HPE Reports Fiscal 2017 Full-Year and Fourth Quarter Results


HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(In millions, except per share amounts)
  
  Twelve months ended October 31,
  2017  2016
Net revenue$28,871  $30,280 
Costs and expenses:   
Cost of sales20,177  20,507 
Research and development1,486  1,714 
Selling, general and administrative5,006  5,380 
Amortization of intangible assets321  272 
Restructuring charges417  417 
Transformation costs(a)359   
Disaster charges(b)93   
Acquisition and other related charges203  145 
Separation costs248  362 
Defined benefit plan settlement charges and remeasurement (benefit)(c)(64)  
Gain on H3C and MphasiS divestitures  (2,420)
      Total costs and expenses28,246  26,377 
Earnings from continuing operations625  3,903 
Interest and other, net(327) (284)
Tax indemnification adjustments(3) 317 
Loss from equity interests(d)(23) (76)
Earnings from continuing operations before taxes272  3,860 
Tax valuation allowances and separation taxes(e)215   
Tax settlements  (647)
(Provision) benefit for taxes(51) 24 
Net earnings from continuing operations436  3,237 
Net loss from discontinued operations(92) (76)
Net earnings$344  $3,161 
    
Net earnings (loss) per share:   
Basic   
    Continuing operations$0.26  $1.89 
    Discontinued operations(0.05) (0.05)
        Total basic net earnings per share$0.21  $1.84 
Diluted   
    Continuing operations$0.26  $1.86 
    Discontinued operations(0.05) (0.04 )
        Total diluted net earnings per share $ 0.21     $ 1.82  
Cash dividends declared per share $ 0.26     $ 0.22  
Weighted-average shares used to compute net earnings per share:      
Basic 1,646     1,715  
Diluted 1,674     1,739  
           
  1. Represents amounts in connection with the HPE Next initiative and includes costs related to labor and non-labor restructuring, program management and IT charges, partially offset by a gain on sale of real estate.
  2. Represents amounts in connection with damages sustained by the Company as a result of Hurricane Harvey.
  3. Represents adjustment to net periodic pension cost resulting from remeasurements of the Hewlett Packard Enterprise pension plans in connection with the spin-off of the software business, Seattle SpinCo, Inc., and the merger of Seattle SpinCo, Inc. with Micro Focus International plc and the spin-off of the enterprise services business, Everett SpinCo, Inc., and the merger of Everett SpinCo, Inc. with Computer Sciences Corporation.
  4. Primarily represents the Company’s ownership interest in the net earnings of H3C, which the Company records as an equity method investment.
  5. Represents tax amounts in connection with the spin-off of the enterprise services business, Everett SpinCo, Inc. and the software business, Seattle SpinCo, Inc. This amount primarily includes the income tax benefit related to U.S. foreign tax credits generated partially offset by income tax expense as a result of recording valuation allowances on certain U.S. deferred tax assets.

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