PALO ALTO, Calif., May 27, 2021 (GLOBE NEWSWIRE) -- HP (NYSE: HPQ)
- Second quarter GAAP diluted net earnings per share ("EPS") of $0.98, above the previously provided outlook of $0.82 to $0.88 per share
- Second quarter non-GAAP diluted net EPS of $0.93, above the previously provided outlook of $0.84 to $0.90
- Second quarter net revenue of $15.9 billion, up 27.3% from the prior-year period
- Second quarter net cash provided by operating activities of $1.4 billion, free cash flow of $1.3 billion
- Second quarter returned $1.8 billion to shareholders in the form of share repurchases and dividends
HP Inc.'s fiscal 2021 second quarter financial performance
|Q2 FY21||Q2 FY20||Y/Y|
|GAAP net revenue ($B)||$||15.9||$||12.5||27.3%|
|GAAP operating margin||8.6%||6.6%||2.0 pts|
|GAAP net earnings ($B)||$||1.2||$||0.8||61%|
|GAAP diluted net EPS||$||0.98||$||0.53||85%|
|Non-GAAP operating margin||9.1%||7.5%||1.6 pts|
|Non-GAAP net earnings ($B)||$||1.2||$||0.7||56%|
|Non-GAAP diluted net EPS||$||0.93||$||0.51||82%|
|Net cash provided by (used in) operating activities ($B)||$||1.4||$||(0.5)||NM|
|Free cash flow ($B)||$||1.3||$||(0.6)||NM|
Notes to table
- Information about HP Inc.'s use of non-GAAP financial information is provided under "Use of non-GAAP financial information" below.
- NM – Not meaningful
Net revenue and EPS results
HP Inc. and its subsidiaries (“HP”) announced fiscal 2021 second quarter net revenue of $15.9 billion, up 27.3% (up 25.4% in constant currency) from the prior-year period.
Second quarter GAAP diluted net EPS was $0.98, up from $0.53 in the prior-year period and above the previously provided outlook of $0.82 to $0.88. Second quarter non-GAAP diluted net EPS was $0.93, up from $0.51 in the prior-year period and above the previously provided outlook of $0.84 to $0.90. Second quarter non-GAAP net earnings and non-GAAP diluted net EPS exclude after-tax adjustments of $70 million, or $0.05 per diluted share, related to restructuring and other charges, acquisition-related charges, amortization of intangible assets, non-operating retirement-related (credits)/charges, and tax adjustments.
“We delivered another strong quarter, with double-digit top and bottom line growth. HP technology is increasingly at the heart of hybrid work and we are benefitting from exceptional demand for our products and services,” said Enrique Lores, HP President and CEO. “Our performance and our positive outlook for the full year reflect the relevance of our innovation, the resilience of our business model, and the operational excellence of our teams.”