HP Inc. Reports Fiscal 2022 Full Year and Fourth Quarter Results; Announces Dividend Increase and Future Ready Transformation

PALO ALTO, Calif., Nov. 22, 2022 (GLOBE NEWSWIRE) -- HP (NYSE: HPQ)

  • Fiscal 2022 GAAP diluted net earnings per share ("EPS") of $3.05, below the previously provided outlook of $3.46 to $3.56 per share
  • Fiscal 2022 non-GAAP diluted net EPS of $4.08, within the previously provided outlook of $4.02 to $4.12 per share
  • Fiscal 2022 net revenue of $63.0 billion, down 0.8% from the prior-year period                     
  • Fiscal 2022 net cash provided by operating activities of $4.5 billion, free cash flow of $3.9 billion
  • Fiscal 2022 returned $5.3 billion to shareholders in the form of share repurchases and dividends
  • Fourth quarter GAAP diluted net EPS was negligible, below the previously provided outlook of $0.44 to $0.54 per share, due to one-time non-cash tax adjustments
  • Fourth quarter non-GAAP diluted net EPS of $0.85, within the previously provided outlook of $0.79 to $0.89 per share
  • Fourth quarter net revenue of $14.8 billion, down 11.2% from the prior-year period               
  • Fourth quarter net cash provided by operating activities of $1.9 billion, free cash flow of $1.8 billion
  • Fourth quarter returned $1.0 billion to shareholders in the form of share repurchases and dividends
  • HP Inc. announces dividend increase of 5%
  • HP Inc. announces Future Ready Transformation Plan, estimates annualized gross run rate cost savings of at least $1.4 billion by the end of fiscal 2025, and restructuring and other charges of approximately $1.0 billion

HP Inc.'s fiscal 2022 full-year and fourth quarter financial performance

 

 FY22FY21Y/YQ4 FY22Q4 FY21Y/Y
GAAP net revenue ($B)$63.0 $63.5 (0.8)% $14.8 $16.7 (11.2)% 
GAAP operating margin 7.4%  8.4% (1.0) pts  5.2%  7.4% (2.2) pts 
GAAP net earnings1 ($B)$3.2 $6.5 (51)% $-- $3.1 (100)% 
GAAP diluted net EPS1$3.05 $5.33 (43)% $ --   $ 2.71   (100)%  
Non-GAAP operating margin 2   8.7%     9.1%   (0.4) pts     7.7%     8.1%   (0.4) pts  
Non-GAAP net earnings 2 ($B) $ 4.3   $ 4.6   (7)%   $ 0.9   $ 1.1   (21)%  
Non-GAAP diluted net EPS 2 $ 4.08   $ 3.79   8%   $ 0.85   $ 0.94   (10)%  
Net cash provided by operating activities 1 ($B) $ 4.5   $ 6.4   (30)%   $ 1.9   $ 2.8   (33)%  
Free cash flow 2 ($B) $ 3.9   $ 4.2   (8)%   $ 1.8   $ 0.9   94%  

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