HP Inc (NYSE:HPQ) reported stronger-than-expected results for its third quarter and issued strong earnings guidance for FY20.
The company out of Palo Alto, Calif., reported third-quarter GAAP diluted net earnings per share ("EPS") of $0.52, above the previously provided outlook of $0.35 to $0.41 per share
Third quarter non-GAAP diluted net EPS was $0.49, above the previously provided outlook of $0.39 to $0.45 per share
Third-quarter net revenue of $14.3 billion, down 2.1% from the prior-year period. Third-quarter net cash from operating activities of $1.7 billion, free cash flow of $1.6 billion
HPQ returned $1.2 billion to shareholders in the form of share repurchases and dividends during the quarter.
HP generated $1.6 billion of free cash flow in the third quarter. Free cash flow includes net cash provided by operating activities of $1.7 billion adjusted for net investment in leases of $27 million and net investment in property, plant & equipment of $117 million.
"Our strong Q3 results and solid beat for the quarter, in the face of unprecedented uncertainty, reflects the agility of our teams and the strength of our portfolio," said CEO Enrique Lores,
"We're leveraging our leadership across consumer and commercial markets to capitalize on opportunities - from the essential role of the PC in an era of remote work and school to the rise of subscription-based business models to enable greater flexibility. Our diverse portfolio and disciplined execution are powering our performance and we're well positioned to drive continued value creation."
HPQ shares gained 11.5 cents, or 1.2%, to $9.69.
Tech Insider
