HP Inc. Reports Fiscal 2019 Full Year and Fourth Quarter Results

(a)  Pursuant to adoption of Accounting Standard Update ("ASU")  2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost”, in the first quarter of fiscal year 2019, HP now reclassifies all components (excluding service cost component) of net periodic benefit cost from Selling, general and administrative expenses to Interest and other, net. HP reflected this change in prior reporting periods on an as-if basis.



 
HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Unaudited)
(In millions, except per share amounts)
 
  Twelve months ended
  October 31, 2019  October 31, 2018
Net revenue$58,756  $58,472 
Costs and expenses:   
Cost of revenue47,586  47,803 
Research and development1,499  1,404 
Selling, general and administrative(a)5,368  5,099 
Restructuring and other charges275  132 
Acquisition-related charges35  123 
Amortization of intangible assets116  80 
Total costs and expenses54,879  54,641 
    
Earnings from operations3,877  3,831 
Interest and other, net(a)(1,354) (818)
Earnings before taxes2,523    3,013  
Benefit from taxes 629     2,314  
Net earnings $ 3,152     $ 5,327  
       
Net earnings per share:      
Basic $ 2.08     $ 3.30  
Diluted $ 2.07     $ 3.26  
       
Cash dividends declared per share $ 0.64     $ 0.56  
       
Weighted-average shares used to compute net earnings per share:      
Basic 1,515     1,615  
Diluted 1,524     1,634  

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