HP Inc. and its subsidiaries announced fiscal 2020 first quarter net revenue of $14.6 billion (€13.46 billion), down 0.6% from the prior-year period.
HP reports that Personal Systems net revenue was up 2% year-over-year with a 6.7% operating margin. Commercial net revenue increased 7% and consumer net revenue decreased 7%. Total units were up 4% with Notebooks units up 2% and Desktops units up 7%.
HP Printing segment net revenue was down 7% year-over-year with a 16% operating margin. Total hardware units were down 10%. Commercial hardware revenue was down 1% and consumer hardware revenue was down 13%. Supplies net revenue was again down 7%.
First quarter GAAP diluted net earnings per share (EPS) was $0.46 (€0.42), down from $0.51 (€0.47) in the prior-year period and above the previously provided outlook of $0.39 (€0.35) to $0.42 (€0.38).
“Our Q1 results reflect a business that is strong and getting stronger. Our non-GAAP EPS growth of 25% was significantly above our guided range, driven by tremendous execution against our strategic priorities,” said Enrique Lores, President and CEO, HP Inc. “This is a team at the top of its game, combining the industry’s best innovation with disciplined execution and cost management to deliver for our shareholders. We have great confidence in our plans and are raising our full-year earnings outlook.”
For the fiscal 2020 second quarter, HP estimates GAAP diluted net EPS to be in the range of $0.46 (€0.42) to $0.50 (€0.46) and non-GAAP diluted net EPS to be in the range of $0.49 (€0.45) to $0.53 (€0.48).
