HP Reports Growing Printing Business

HP has released its third quarter results for its fiscal year 2015. In the third quarter, the printer OEM recorded net revenue of $25.3 billion, down 8% when compared with the same period last year.

During the period, the company returned $670 million to shareholders in the form of share repurchases and dividends in the third quarter. This represents US$0.88/share (non-GAAP diluted net earnings) or $0.47/share (GAAP diluted net earnings).

Printing revenue was down 9% year over year with a 17.8% operating margin. Total hardware units were down 2% with commercial hardware units down 6% and consumer hardware units flat. Supplies revenue was down 6%.

Net revenue for the period from printing hit 5,108 million, increasing by 9% year over year (YOY). Revenues from printing supplies were 3,455 million, up by 6% YOY. Revenue from commercial hardware registered 1,250 million, increased by 11% YOY while consumer hardware recorded 403 million, up by 24%.

“HP delivered results in the third quarter that reflect very strong performance in our Enterprise Group and substantial progress in turning around Enterprise Services,” said Meg Whitman, chairman, president and chief executive officer, HP. “I am very pleased that we have continued to deliver the results we said we would, while remaining on track to execute one of the largest and most complex separations ever undertaken.”

For the fiscal 2015 fourth quarter, HP estimates non-GAAP diluted net EPS to be in the range of $0.92 to $0.98 and GAAP diluted net EPS to be in the range of $0.12 to $0.18. Fiscal 2015 fourth quarter non-GAAP diluted net EPS estimates exclude after-tax costs of approximately $0.80 per share, related to separation costs, the amortization of intangible assets, restructuring charges, defined benefit plan settlement charges and acquisition-related charges.

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