HP Inc. Reports Fiscal 2018 Full Year and Fourth Quarter Results


 
HP INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(Unaudited)
(In millions)
 
  Three months ended
  October 31,
2018
  July 31,
2018
  October 31,
2017
Net revenue:(a)     
Personal Systems$10,064 $9,395 $9,067
Printing5,300 5,188 4,859
Corporate Investments2 1 1
Total segments15,366 14,584 13,927
Other 2 
Total net revenue$15,366 $14,586 $13,927
      
Earnings before taxes:(a)     
Personal Systems$378 $365 $341
Printing851 832 805
Corporate Investments(20) (22) (18)
Total segment earnings from operations1,209 1,175 1,128
Corporate and unallocated cost and other(60) (61) (54)
Stock-based compensation expense(65) (55) (55)
Restructuring and other charges(40) (4) (113)
Acquisition-related charges(26) (10) (49)
Amortization of intangible assets(20) (20) 
Non-operating retirement-related credits54 56 34
Defined benefit plan settlement charges(5) (1) (1)
Interest and other, net(40) (62) (42)
Total earnings before taxes$1,007 $1,018 $848
  1. Effective at the beginning of its first quarter of fiscal year 2018, HP implemented an organizational change to align its segment and business unit financial reporting more closely with its current business structure. The organizational change resulted in the transfer of long life consumables from Commercial to Supplies within the Printing segment. Certain revenues related to service arrangements, which are being eliminated for the purposes of reporting HP’s consolidated net revenue, have now been reclassified from Other to segments. HP has reflected this change to its segment and business unit information in prior reporting periods on an as-if basis. The reporting change had no impact to previously reported consolidated net revenue, earnings from operations, net earnings or net earnings per share.
 
 
HP INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(Unaudited)
(In millions)
 
  Twelve months ended October 31,
  2018  2017
Net revenue:(a)   
Personal Systems$37,661 $33,321
Printing20,805 18,728
Corporate Investments5 8
Total segments 58,471   52,057
Other 1   (1)
Total net revenue $ 58,472   $ 52,056
       
Earnings before taxes: (a)      
Personal Systems $ 1,411   $ 1,210
Printing 3,323   3,146
Corporate Investments (82)   (87)
Total segment earnings from operations 4,652   4,269
Corporate and unallocated costs and other (197)   (168)
Stock-based compensation expense (268)   (224)
Restructuring and other charges (132)   (362)
Acquisition-related charges (123)   (125)
Amortization of intangible assets (80)   (1)
Non-operating retirement-related credits 219   135
Defined benefit plan settlement charges (7)   (5)
Interest and other, net (1,051)   (243)
Total earnings before taxes $ 3,013   $ 3,276
  1. Effective at the beginning of its first quarter of fiscal year 2018, HP implemented an organizational change to align its segment and business unit financial reporting more closely with its current business structure. The organizational change resulted in the transfer of long life consumables from Commercial to Supplies within the Printing segment. Certain revenues related to service arrangements, which are being eliminated for the purposes of reporting HP’s consolidated net revenue, have now been reclassified from Other to segments. HP has reflected this change to its segment and business unit information in prior reporting periods on an as-if basis. The reporting change had no impact to previously reported consolidated net revenue, earnings from operations, net earnings or net earnings per share.
 
 
HP INC. AND SUBSIDIARIES
SEGMENT/BUSINESS UNIT INFORMATION
(Unaudited)
(In millions)
 
  Three months ended   Change (%)
  October 31,
2018
  July 31,
2018
  October 31,
2017
  Q/Q   Y/Y
Net revenue (a) :                  
Personal Systems                  
Notebooks $ 6,165   $ 5,634   $ 5,391   9%   14%
Desktops 2,991   2,869   2,821   4%   6%
Workstations 577   588   526   (2)%   10%
Other 331   304   329   9%   1%
Total Personal Systems 10,064   9,395   9,067   7%   11%
Printing                  
Supplies 3,385   3,405   3,156   (1)%   7%
Commercial Hardware 1,248   1,170   1,077   7%   16%
Consumer Hardware 667   613   626   9%   7%
Total Printing 5,300   5,188   4,859   2%   9%
Corporate Investments 2   1   1   100%   100%
Total segments 15,366   14,584   13,927   5%   10%
Other (b)   2     NM   NM
Total net revenue $ 15,366   $ 14,586   $ 13,927   5%   10%
  1. Effective at the beginning of its first quarter of fiscal year 2018, HP implemented an organizational change to align its segment and business unit financial reporting more closely with its current business structure. The organizational change resulted in the transfer of long life consumables from Commercial to Supplies within the Printing segment. Certain revenues related to service arrangements, which are being eliminated for the purposes of reporting HP’s consolidated net revenue, have now been reclassified from Other to segments. HP has reflected this change to its segment and business unit information in prior reporting periods on an as-if basis. The reporting change had no impact to previously reported consolidated net revenue, earnings from operations, net earnings or net earnings per share.

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