HP Reports Flat Revenue But Beats Wall Street Targets

Date : 05/23/2019 @ 9:36PM
Source : Dow Jones News
Stock : HP Inc. (HPQ)
Quote : 21.39  0.01 (0.05%) @ 12:59AM

HP Reports Flat Revenue But Beats Wall Street Targets

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By Micah Maidenberg 

HP Inc. reported better-than-expected revenue in it latest quarter, as gains in selling personal devices offset a drop in printing-related sales.

Palo Alto, Calif.-based HP's fiscal second-quarter revenue of $14.04 billion was flat compared with a year earlier but slightly surpassed the $13.95 billion that analysts had forecast for the period, according to FactSet.

HP's personal systems unit, which sells computers, tablets and similar machines, pushed up revenue about 5% in the quarter, after adjusting for currency fluctuations on gains from commercial customers.

But sales of printers, printing supplies and related items dropped about 2% after adjusting for currency fluctuations.

The company said profit fell to $782 million, or 51 cents a share, from $1.06 billion, or 64 cents a share, a year earlier, when HP's earnings were boosted by a nonrecurring tax benefit.

Excluding acquisition and restructuring charges and after other adjustments, HP reported a profit of 53 cents a share, 2 cents higher than what analysts expected.

The company narrowed its projected profit range for the year. It now expects an adjusted profit of $2.14 to $2.21 a share, compared with a previous forecast of $2.12 to $2.22 a share.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

 

(END) Dow Jones Newswires

May 23, 2019 16:21 ET (20:21 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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