Did HP beat its earnings expectations for fiscal 2024?

On a GAAP basis, fiscal 2024 diluted net EPS of $2.81 was above the previously provided outlook of $2.62 to $2.72. Non-GAAP diluted net EPS of $3.38 was within the outlook of $3.35 to $3.45. Fourth-quarter GAAP diluted EPS of $0.93 also exceeded its outlook of $0.74 to $0.84, and non-GAAP EPS of $0.93 was within its $0.89 to $0.99 range.

How much is HP paying in dividends and when?

The Board declared a quarterly cash dividend of $0.2894 per share, a 5% increase from the prior dividend. It is payable January 2, 2025 to stockholders of record as of the close of business on December 11, 2024. The filing describes it as the first dividend of fiscal 2025.

How is HP returning cash to shareholders?

In fiscal 2024 HP used $2.1 billion to repurchase about 62.7 million shares and paid $1.1 billion in dividends, returning $3.2 billion in total. In the fourth quarter alone, it spent $900 million repurchasing about 25.4 million shares and paid $263 million in dividends.

What does HP expect for fiscal 2025?

HP estimates fiscal 2025 GAAP diluted net EPS of $3.06 to $3.36 and non-GAAP diluted net EPS of $3.45 to $3.75. It anticipates free cash flow of $3.2 billion to $3.6 billion. For the first quarter of fiscal 2025, it estimates GAAP diluted EPS of $0.57 to $0.63 and non-GAAP diluted EPS of $0.70 to $0.76.

How did HP's business segments perform in the fourth quarter?

Personal Systems net revenue was $9.6 billion, up 2% year over year, with a 5.7% operating margin. Printing net revenue was $4.5 billion, up 1%, with a 19.6% operating margin. Printing hardware units rose 9.5%, while Consumer PS units fell 3%.

HPQ 8-K: Earnings & Results & Regulation FD

01—Abstract

Summary

Summary of the 8-K filed November 26, 2024. Cited figures are marked; the original filing is the authoritative source.

HP Inc. filed this Form 8-K on November 26, 2024 to furnish a news release reporting results for its fiscal quarter and fiscal year ended October 31, 2024, and to announce a 5%^a increase in its planned quarterly cash dividend.

Fiscal 2024 net revenue was $53.6 billion^b, down 0.3% from the prior year, while GAAP diluted net EPS was $2.81, above the previously provided outlook of $2.62 to $2.72. Non-GAAP diluted net EPS was $3.38, within the outlook of $3.35 to $3.45. Net cash provided by operating activities was $3.7 billion and free cash flow was $3.3 billion, and the company returned $3.2 billion to shareholders through share repurchases and dividends, which the filing states equals 96% of free cash flow.

Fourth-quarter net revenue was $14.1 billion^c, up 1.7% year over year, with GAAP diluted EPS of $0.93 and non-GAAP diluted EPS of $0.93, both within or above the company's prior outlook. Personal Systems revenue was $9.6 billion with a 5.7% operating margin, and Printing revenue was $4.5 billion with a 19.6% operating margin. Quarter-end gross cash was $3.3 billion, and the company repurchased $900 million of stock during the quarter.

Looking ahead, HP estimates fiscal 2025 GAAP diluted net EPS of $3.06 to $3.36^d and non-GAAP diluted net EPS of $3.45 to $3.75, with free cash flow expected between $3.2 billion and $3.6 billion. The Board declared a quarterly dividend of $0.2894 per share, payable January 2, 2025 to holders of record as of December 11, 2024, which the filing describes as a 5% increase from the prior dividend.

02—Key points

Key Highlights

Fiscal 2024 GAAP diluted net EPS of $2.81 beat the previously provided outlook of $2.62 to $2.72; non-GAAP diluted net EPS of $3.38 landed within the $3.35 to $3.45 outlook.
Fiscal 2024 net revenue was $53.6 billion, down 0.3% year over year; fourth-quarter net revenue of $14.1 billion rose 1.7%.
Fiscal 2024 free cash flow was $3.3 billion on net cash from operating activities of $3.7 billion.
HP returned $3.2 billion to shareholders in fiscal 2024 via buybacks ($2.1 billion) and dividends ($1.1 billion), which the filing says equals 96% of free cash flow.
Quarterly dividend increased 5% to $0.2894 per share, payable January 2, 2025 to holders of record as of December 11, 2024.
Fiscal 2025 outlook: non-GAAP diluted net EPS of $3.45 to $3.75 and free cash flow of $3.2 billion to $3.6 billion.
Fourth-quarter Printing operating margin was 19.6% versus Personal Systems at 5.7%.

03—Questions

Frequently Asked Questions

Did HP beat its earnings expectations for fiscal 2024?
On a GAAP basis, fiscal 2024 diluted net EPS of $2.81 was above the previously provided outlook of $2.62 to $2.72. Non-GAAP diluted net EPS of $3.38 was within the outlook of $3.35 to $3.45. Fourth-quarter GAAP diluted EPS of $0.93 also exceeded its outlook of $0.74 to $0.84, and non-GAAP EPS of $0.93 was within its $0.89 to $0.99 range.
How much is HP paying in dividends and when?
The Board declared a quarterly cash dividend of $0.2894 per share, a 5% increase from the prior dividend. It is payable January 2, 2025 to stockholders of record as of the close of business on December 11, 2024. The filing describes it as the first dividend of fiscal 2025.
How is HP returning cash to shareholders?
In fiscal 2024 HP used $2.1 billion to repurchase about 62.7 million shares and paid $1.1 billion in dividends, returning $3.2 billion in total. In the fourth quarter alone, it spent $900 million repurchasing about 25.4 million shares and paid $263 million in dividends.
What does HP expect for fiscal 2025?
HP estimates fiscal 2025 GAAP diluted net EPS of $3.06 to $3.36 and non-GAAP diluted net EPS of $3.45 to $3.75. It anticipates free cash flow of $3.2 billion to $3.6 billion. For the first quarter of fiscal 2025, it estimates GAAP diluted EPS of $0.57 to $0.63 and non-GAAP diluted EPS of $0.70 to $0.76.
How did HP's business segments perform in the fourth quarter?
Personal Systems net revenue was $9.6 billion, up 2% year over year, with a 5.7% operating margin. Printing net revenue was $4.5 billion, up 1%, with a 19.6% operating margin. Printing hardware units rose 9.5%, while Consumer PS units fell 3%.

04—Continue

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