HP reports fiscal 2022 full year, 4th quarter results

0 Comment(s)Print E-mail Xinhua, November 23, 2022
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SAN FRANCISCO, Nov. 22 (Xinhua) -- HP Inc. and its subsidiaries on Tuesday announced fiscal 2022 net revenue of 63 billion U.S. dollars, down 0.8 percent (up 0.7 percent in constant currency) from the prior-year period.

The company's fourth-quarter net revenue was 14.8 billion dollars, down 11.2 percent (down 8.0 percent in constant currency) from the prior-year period.

Its fiscal 2022 generally accepted accounting principles (GAAP) diluted net earnings per share (EPS) was 3.05 dollars, down from 5.33 dollars in the prior-year period and below the previously provided outlook of 3.46 to 3.56 dollars, the company said.

The fiscal 2022 non-GAAP diluted net EPS was 4.08 dollars, up from 3.79 dollars in the prior-year period and within the previously provided outlook of 4.02 to 4.12 dollars.

HP's fiscal 2022 net cash was 4.5 billion dollars, with free cash flow of 3.9 billion dollars.

In fiscal 2022, the company returned 5.3 billion dollars to shareholders in the form of share repurchases and dividends.

HP Inc. also announces its Future Ready Transformation Plan, estimates annualized gross run-rate cost savings of at least 1.4 billion dollars by the end of fiscal 2025, and restructuring and other charges of approximately 1.0 billion dollars.

"We had a solid end to our fiscal year despite navigating a volatile macro-environment and softening demand in the second half. In Q4 we delivered on our non-GAAP EPS target, while also completing our three-year value creation plan and exceeding our key metrics," said HP President and CEO Enrique Lores.

"Looking forward, the new Future Ready strategy we introduced this quarter will enable us to better serve our customers and drive long-term value creation by reducing our costs and reinvesting in key growth initiatives to position our business for the future," he added. Enditem

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