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Earnings Review and Free Research Report: HP's Net Revenue Climbed 10%

Sep 12, 2017

Sep 12, 2017 (ACCESSWIRE via COMTEX News Network) -- Research Desk Line-up: Dell Technologies Post Earnings Coverage

LONDON, UK / ACCESSWIRE / September 12, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on HP Inc. (NYSE: HPQ), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=HPQ, following the Company's reporting of its third quarter fiscal 2017 financial results on August 23, 2017. The personal computer and printer maker outperformed top- and bottom-line expectations and also raised midpoint of earnings for the fiscal year. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Diversified Computer Systems industry. Pro-TD has currently selected Dell Technologies Inc. (NYSE: DVMT) for due-diligence and potential coverage as the Company announced on September 7, 2017 its financial results for Q2 FY18. Register for a free membership today, and be among the early birds that get access to our report on Dell Technologies when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on HPQ; also brushing on DVMT. With the links below you can directly download the report of your stock of interest-free of charge at:

http://protraderdaily.com/optin/?symbol=HPQ

http://protraderdaily.com/optin/?symbol=DVMT

Earnings Reviewed

For the three months ended July 31, 2017, HP (NYSE: HPQ) recorded net revenue of $13.06 billion, up 10% as reported and up 11% on a constant currency basis from net revenue of $12.39 billion in Q3 FY16. The Company's revenue exceeded analysts' expectations of $12.08 billion.

HP's Q3 FY17 GAAP diluted net earnings per share from continuing operations was $0.41, down from $0.49 per diluted share in Q3 FY16 and above the Company's previously provided outlook of $0.36 to $0.40. For Q3 FY17, HP's non-GAAP diluted net earnings were $0.43 per diluted share, down from $0.48 in the prior year's corresponding period and within the previously provided outlook of $0.40 to $0.43 per diluted share. The Company's earnings beat Wall Street's expectations of $0.42 per share.

HP's Segment Results

During Q3 FY17, the Personal Systems' net revenue was up 12% y-o-y, or 13% on a constant currency basis, to $8.40 billion with a 3.7% operating margin. The segment's commercial net revenue increased 11% and Consumer net revenue increased 14%. For the reported quarter, Personal systems' total units were up 7% with Notebooks units up 12% and Desktops units down 3% compared to the year ago same period.

During Q3 FY17, the printing net revenue grew 6% on a y-o-y basis and 7% on a constant currency basis to $4.7 billion, with an operating margin of 17.3. The segment's total hardware units grew 1% on a y-o-y basis with Commercial hardware units flat and Consumer hardware units up 1%. In the reported quarter, printing segment's supplies net revenue grew 10%, both on a reported and on a constant currency basis.

Cash Matters

HP's (NYSE: HPQ) cash provided by operating activities was $1.8 billion in Q3 FY17. The Company's Accounts receivable ended the reported quarter at $4.2 billion, and up 2 days on a q-o-q basis to 29 days. The Company's Inventory ended Q3 FY17 at $5.2 billion, up 1 day sequentially to 44 days. HP's Accounts payable ended the reported quarter at $12.8 billion, up 8 days on a q-o-q basis to 108 days.

During Q3 FY17, HP's dividend payment of $0.1327 per share resulted in cash usage of $0.2 billion. The Company also utilized $0.3 billion of cash during the reported quarter to repurchase approximately 16.2 million shares of common stock in the open market. HP exited the quarter with $8.0 billion in gross cash, which included cash and cash equivalents and short-term investments of $1.0 billion incorporated in other current assets.

Outlook

For Q4 FY17, HP is forecasting GAAP diluted net EPS from continuing operations to be in the range of $0.37 to $0.41 and non-GAAP diluted net EPS to be in the band of $0.42 to $0.45.

For fiscal 2017, HP raised the midpoint of GAAP diluted net EPS from continuing operations and non-GAAP diluted net EPS. The Company now estimates GAAP diluted net earnings from continuing operations to be in the range of $1.46 to $1.50 and non-GAAP diluted net earnings to be in the band of $1.63 to $1.66 per share.

Stock Performance

At the closing bell on Monday, September 11, 2017, HP Inc.'s (NYSE: HPQ) stock rose 1.05%, ending the trading session at $19.32. A total volume of 7.24 million shares have exchanged hands. The Company's stock price skyrocketed 8.78% in the last three months, 10.46% in the past six months, and 37.31% in the previous twelve months. Moreover, the stock soared 30.19% since the start of the year. The stock is trading at a PE ratio of 13.91 and has a dividend yield of 2.74%. The stock currently has a market cap of $32.54 billion.

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