HP Inc. Reports Fiscal 2020 First Quarter Results

As in prior periods, the financial information set forth in this document, including any tax-related items, reflects estimates based on information available at this time. While HP believes these estimates to be reasonable, these amounts could differ materially from reported amounts in HP’s Quarterly Reports on Form 10-Q for the fiscal quarters ended January 31, 2020, April 30, 2020 and July 31, 2020, Annual Report on Form 10-K for the fiscal year ended October 31, 2020, and HP’s other filings with the Securities and Exchange Commission. HP assumes no obligation and does not intend to update these forward-looking statements. HP’s Investor Relations website at  http://www.investor.hp.com contains a significant amount of information about HP, including financial and other information for investors. HP encourages investors to visit its website from time to time, as information is updated and new information is posted.  The content of HP’s website is not incorporated by reference into this document or in any other report or document HP files with the SEC, and any references to HP’s website are intended to be inactive textual references only.

 
HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Unaudited)
(In millions, except per share amounts)
 
  Three months ended
  January 31, 2020  October 31, 2019  January 31, 2019
Net revenue$14,618  $15,407  $14,710 
Costs and expenses:     
Cost of revenue11,746  12,483  12,098 
Research and development400  389  344 
Selling, general and administrative1,290  1,405  1,248 
Restructuring and other charges291  134  55 
Acquisition-related charges  23  10 
Amortization of intangible assets26  29  29 
Total costs and expenses13,753  14,463  13,784 
      
Earnings from operations865   944     926  
Interest and other, net 13     (452 )   (26 )
Earnings before taxes 878     492     900  
Provision for taxes (200 )   (104 )   (97 )
Net earnings $ 678     $ 388     $ 803  
           
Net earnings per share:          
Basic $ 0.47     $ 0.26     $ 0.52  
Diluted $ 0.46     $ 0.26     $ 0.51  
           
Cash dividends declared per share $ 0.35     $     $ 0.32  
           
Weighted-average shares used to compute net earnings per share:          
Basic 1,454     1,476     1,556  
Diluted 1,460     1,486     1,567  



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