First quarter GAAP diluted net earnings per share (EPS) from continuing operations was $0.36, flat from the prior-year period and within the previously provided outlook of $0.33 to $0.36.
“In Q1, we delivered earnings at the high end of our outlook range with strong free cash flow, driven by relentless execution and innovation,” said Dion Weisler, president and CEO, HP Inc. “We are confident in our ability to manage our business and deliver our FY17 financial commitments.”
HP’s cash provided by operating activities in the first quarter was $0.8 billion. HP exited the quarter with $6.3 billion in gross cash, which includes cash and cash equivalents, short-term investments, and certain liquid long-term investments.
Personal Systems net revenue was up 10% year over year (up 11% in constant currency) with a 3.8% operating margin. Commercial net revenue increased 7% and Consumer net revenue increased 15%. Total units were up 8% with Notebooks units up 12% and Desktops units flat.
Printing net revenue was down 3% year over year (down 2% in constant currency) with a 16.0% operating margin. Total hardware units were up 6% with Commercial hardware units up 2% and Consumer hardware units up 7%. Supplies net revenue was down 3% (down 2% in constant currency).