11.22.23
HP Inc. and its subsidiaries announced fiscal 2023 net revenue of $53.7 billion, down 15% (down 12% in constant currency) from the prior-year period.
Fiscal 2023 GAAP diluted net EPS was $3.26, up from $2.98 in the prior-year period and above the previously provided outlook of $2.95 to $3.07. Fiscal 2023 non-GAAP diluted net EPS was $3.28, down from $3.98 in the prior-year period and within the previously provided outlook of $3.23 to $3.35.
Fourth quarter net revenue was $13.8 billion, down 6% (down 5% in constant currency) from the prior-year period.
Fourth quarter GAAP diluted net EPS was $0.97, up from $(0.02) in the prior-year period and above the previously provided outlook of $0.65 to $0.77. Fourth quarter non-GAAP diluted net EPS was $0.90, up from $0.82 in the prior-year period and within the previously provided outlook of $0.85 to $0.97.
“2023 was a year of steady progress. We executed well in a tough market and innovated in our key growth areas to finish the year with good momentum,” said Enrique Lores, HP president and CEO. “Our Future Ready plan is positioning us well to capitalize on attractive opportunities across our portfolio and deliver long-term sustainable growth.”
“Q4 was a solid quarter of sequential growth and strong free cash flow as we continued to improve the performance of the company,” said Marie Myers, HP CFO. “We are entering FY24 with a relentless focus on driving profitable growth, reducing our structural costs and returning 100% of our free cash flow to shareholders."
HP generated $3.6 billion in net cash provided by operating activities and $3.1 billion of free cash flow in fiscal 2023. Free cash flow includes net cash provided by operating activities of $3.6 billion adjusted for net investments in leases of $110 million and net investments in property, plant and equipment of $593 million.
HP generated $1.9 billion of free cash flow in the fourth quarter. Free cash flow includes net cash provided by operating activities of $2.0 billion adjusted for net investments in leases of $28 million and net investments in property, plant and equipment of $134 million.
Fiscal 2023 GAAP diluted net EPS was $3.26, up from $2.98 in the prior-year period and above the previously provided outlook of $2.95 to $3.07. Fiscal 2023 non-GAAP diluted net EPS was $3.28, down from $3.98 in the prior-year period and within the previously provided outlook of $3.23 to $3.35.
Fourth quarter net revenue was $13.8 billion, down 6% (down 5% in constant currency) from the prior-year period.
Fourth quarter GAAP diluted net EPS was $0.97, up from $(0.02) in the prior-year period and above the previously provided outlook of $0.65 to $0.77. Fourth quarter non-GAAP diluted net EPS was $0.90, up from $0.82 in the prior-year period and within the previously provided outlook of $0.85 to $0.97.
“2023 was a year of steady progress. We executed well in a tough market and innovated in our key growth areas to finish the year with good momentum,” said Enrique Lores, HP president and CEO. “Our Future Ready plan is positioning us well to capitalize on attractive opportunities across our portfolio and deliver long-term sustainable growth.”
“Q4 was a solid quarter of sequential growth and strong free cash flow as we continued to improve the performance of the company,” said Marie Myers, HP CFO. “We are entering FY24 with a relentless focus on driving profitable growth, reducing our structural costs and returning 100% of our free cash flow to shareholders."
HP generated $3.6 billion in net cash provided by operating activities and $3.1 billion of free cash flow in fiscal 2023. Free cash flow includes net cash provided by operating activities of $3.6 billion adjusted for net investments in leases of $110 million and net investments in property, plant and equipment of $593 million.
HP generated $1.9 billion of free cash flow in the fourth quarter. Free cash flow includes net cash provided by operating activities of $2.0 billion adjusted for net investments in leases of $28 million and net investments in property, plant and equipment of $134 million.