HP grows both PC and printing revenue in Q4
HP Inc. published its fourth quarter financial results on Tuesday, largely in line with market estimates. The company posted another quarter of growth across PC sales and its printing business.
HP reported non-GAAP diluted net earnings per share of 44 cents on net revenue of $13.9 billion.
Wall Street was looking for earnings of 44 cents per share on revenue on $13.35 billion.
A year prior, the company reported earnings of 36 cents per share on $12.51 billion in revenue.
For the full fiscal year 2017, HP reported non-GAAP diluted net earnings per share of $1.65 on net revenue of $52.1 billion.
For the previous fiscal year, the company reported earnings of $1.60 per share on $48.24 billion in revenue.
"Our results demonstrate that HP is strong and getting stronger," President and CEO Dion Weisler said in a statement. "We posted top-line growth across both Personal Systems and Print, with broad-based, double-digit growth in all three regions, while also growing operating profit and non-GAAP EPS year-over-year."
Personal Systems net revenue in Q4 came to $9.08 billion, up 13 percent year-over-year. Commercial net revenue increased 11 percent while Consumer net revenue increased 18 percent. Total units were up 6 percent, with Notebooks units up 8 percent and Desktops units up 2 percent.
HP's PC business has held strong this year, in spite of slumping PC sales. Both Gartner and IDC reported last month that for the quarter ending in September, HP retained its spot as the top PC vendor even as the worldwide PC market contracted.
Meanwhile, HP's Q3 printing net revenue was $4.88 billion, up 7 percent year-over-year.
Analyst Patrick Moorhead, founder of Moor Insights & Strategy, said that given the overall PC market, HP's performance is "that much more of a feat."
"I attribute a lot of this success to a focus on product innovation and supply chain improvements," he said.
For the fiscal 2018 first quarter, HP expects non-GAAP diluted net EPS to be in the range of 40 cents to 43 cents..
This article was amended to give the correct FY 2016 EPS. An earlier version said FY 2016 EPS was $1.63