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HP (NYSE:HPQ) slipped 3% during early post-market trading after its third quarter fiscal 2024 financial results featured less-than-expected earnings per share.
For the quarter ended July 31, HP reported adjusted earnings per share of $0.83, which was less than the consensus estimate of $0.86. Its revenue for the quarter totaled $13.52B, which was more than the estimate of $13.36B.
For the quarter in progress, HP expects earnings per share of $0.945, which is nearly in line with the estimate of $0.95.
However, for the full fiscal year, which runs from November 2023 through October 2024, HP lowered its earnings per share to range from $3.35 to $3.45, versus its prior forecast of $3.30 to $3.60. The consensus estimate called for full-year earnings per share of $3.45.
“We are pleased with our return to revenue growth and proud of the innovations delivered in the quarter, including the launch of our next-generation AI PC lineup,” said HP CEO and President Enrique Lores. “We remain focused on our strategic plan and will prioritize opportunities that drive long-term profitable growth, while taking decisive action to navigate a dynamic environment.”
HP expects to generate free cash flow ranging from $3.1B to $3.6B for fiscal 2024.
HP also announced it has increased its share repurchase plan to $10B.
