HP Inc. Reports Fiscal 2024 Second Quarter Results

HP Inc. and its subsidiaries announced fiscal 2024 second quarter net revenue of $12.8 billion, down 0.8% (down 1.2% in constant currency) from the prior-year period.

“We delivered a solid quarter and first half, and unveiled an innovative portfolio of solutions designed for the AI and hybrid era” said Enrique Lores, president and CEO, HP Inc. “We have a clear strategy and are well positioned to drive profitable growth across our business.”

Second quarter GAAP diluted net EPS was $0.61, down from $1.06 in the prior-year period and within the previously provided outlook of $0.58 to $0.68. Second quarter non-GAAP diluted net EPS was $0.82, up from $0.79 in the prior-year period and within the previously provided outlook of $0.76 to $0.86.

HP’s net cash provided by operating activities in the second quarter of fiscal 2024 was $581 million. HP generated $481 million of free cash flow in the second quarter.

Fiscal 2024 first quarter segment results
• Personal Systems net revenue was $8.4 billion, up 3% year over year (up 2% in constant currency) with a 6% operating margin.
• Printing net revenue was $4.4 billion, down 8% year over year (down 7% in constant currency) with a 19% operating margin. Consumer Printing net revenue was down 16% and Commercial Printing net revenue was down 12%. Supplies net revenue was down 5% (down 4% in constant currency).