HP Inc. Reports Fiscal 2020 Third Quarter Results
HP Inc. and its subsidiaries ("HP") announced fiscal 2020 third quarter net revenue of $14.3 billion, down 2.1% (down 0.2% in constant currency) from the prior-year period. Third quarter GAAP diluted net EPS was $0.52, down from $0.78 in the prior-year period and above the previously provided outlook of $0.35 to $0.41. Third quarter non-GAAP diluted net EPS was $0.49, down from $0.58 in the prior-year period and above the previously provided outlook of $0.39 to $0.45. Third quarter non-GAAP net earnings and non-GAAP diluted net EPS exclude after-tax adjustments of $32 million, or $0.03 per diluted share, related to restructuring and other charges, acquisition-related charges (credits), amortization of intangible assets, non-operating retirement-related (credits)/charges, debt extinguishment costs and tax adjustments.
"Our strong Q3 results and solid beat for the quarter, in the face of unprecedented uncertainty, reflects the agility of our teams and the strength of our portfolio," said Enrique Lores, HP's President and CEO. "We're leveraging our leadership across consumer and commercial markets to capitalize on opportunities - from the essential role of the PC in an era of remote work and school to the rise of subscription-based business models to enable greater flexibility. Our diverse portfolio and disciplined execution are powering our performance and we're well positioned to drive continued value creation."
"Our strong Q3 results and solid beat for the quarter, in the face of unprecedented uncertainty, reflects the agility of our teams and the strength of our portfolio," said Enrique Lores, HP's President and CEO. "We're leveraging our leadership across consumer and commercial markets to capitalize on opportunities - from the essential role of the PC in an era of remote work and school to the rise of subscription-based business models to enable greater flexibility. Our diverse portfolio and disciplined execution are powering our performance and we're well positioned to drive continued value creation."