In 2021, HP’s net profit in Q2 was US $1.1 billion, with a year-on-year increase of 51% From HP earnings

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HP today released its third quarter results for fiscal year 2021. The report shows that HP’s net revenue in the third fiscal quarter was $15.3 billion, an increase of 7.0% compared with $14.3 billion in the same period last year; The net profit was US $1.1 billion, an increase of 51% compared with us $700 million in the same period last year; The net profit not in accordance with us gaap was US $1.2 billion, an increase of 71% compared with us $700 million in the same period last year.

HP’s adjusted earnings per share in the third quarter and its earnings outlook for the fourth quarter and the whole year exceeded Wall Street analysts’ previous expectations, but its revenue in the third quarter did not meet expectations, resulting in its after hours share price falling nearly 2%.

Summary of third quarter results:

In the quarter ended July 31, HP’s net profit was $1.1 billion, an increase of 51% compared with $700 million in the same period last year; Diluted earnings per share was $0.92, an increase of 77% compared with $0.52 in the same period last year. Excluding one-time items (not in accordance with U.S. GAAP), HP’s net profit in the third quarter was $1.2 billion, an increase of 71% compared with $700 million in the same period last year; Diluted earnings per share was $1.00, an increase of 104% compared with $0.49 in the same period last year, which exceeded analysts’ previous expectations. According to the data provided by Yahoo Finance Channel, 16 analysts expect HP’s third quarter earnings per share to reach $0.84 on average.

HP’s net profit and earnings per share (excluding GAAP) in the third quarter were 90 million and 0.08 US dollars respectively after tax adjustment. This adjustment is related to restructuring and other expenditures, acquisition related expenses (credit), intangible assets amortization expenses, non operational retirement related credit or expenditure, debt repayment costs and tax adjustment.

HP’s net revenue in the third quarter was $15.3 billion, an increase of 7.0% compared with $14.3 billion in the same period last year; Excluding the impact of exchange rate changes, HP’s net revenue in the third quarter increased by 4.1% over the same period last year, which was lower than analysts’ previous expectations. According to the data provided by Yahoo Finance Channel, 14 analysts on average expect HP’s net revenue to reach $15.91 billion in the third fiscal quarter.

HP’s operating profit margin in the third quarter was 9.8%, up 3.6 percentage points from 5.4% in the same period last year. Excluding one-time items (not in accordance with U.S. GAAP), HP’s operating profit margin in the third quarter was 9.8%, up 3.7 percentage points from 6.1% in the same period last year.

Performance of each department in the third quarter:

According to the division of business departments, the revenue of HP personal systems group in the third fiscal quarter was US $10.406 billion, which was basically the same as US $10.36 billion in the same period last year. Excluding the impact of exchange rate changes, it decreased by 3% year-on-year; The operating profit margin of personal systems group in the third quarter was 8.4%. Among them, the net revenue of the commercial sector decreased by 1% year-on-year, and the net revenue of the individual consumer sector increased by 3% year-on-year; Desktop shipments decreased by 7% year-on-year, notebook shipments increased by 2% year-on-year, and the total shipments were flat year-on-year.

HP printing group’s revenue in the third quarter was US $4.882 billion, an increase of 24% compared with us $3.933 billion in the same period last year, and a year-on-year increase of 22% excluding the impact of exchange rate changes; The operating profit margin was 17.6%. Among them, commercial hardware shipments increased by 29% year-on-year, personal hardware shipments decreased by 8% year-on-year, and total hardware shipments decreased by 4% year-on-year; The net revenue of the individual consumer sector increased by 15% year-on-year, and the net revenue of the commercial sector increased by 46% year-on-year.

HP’s corporate investment in the third quarter was zero, compared with $1 million in the same period last year.

HP’s net material revenue in the third quarter increased by 20% year-on-year, excluding the impact of exchange rate changes, it increased by 19% year-on-year.

Other financial information for the third quarter:

HP’s total costs and expenses in the third quarter were $13.908 billion, compared with $13.515 billion in the same period last year. Among them, the revenue cost was US $11.901 billion, flat compared with the same period last year; R & D expenditure was US $477 million, compared with us $359 million in the same period last year; Sales, general and administrative expenses were US $1408 million, compared with us $1156 million in the same period last year; Restructuring and other expenses were US $56 million, compared with us $59 million in the same period last year; M & a related expenses were US $24 million, compared with us $11 million in the same period last year; The amortization expense of intangible assets was $42 million, compared with $29 million in the same period last year.

HP’s net cash provided by business operations in the third quarter was $1.1 billion. As of the end of the third fiscal quarter, HP’s total accounts receivable was $4.9 billion, and the number of days of accounts receivable turnover was 29, an increase of 1 day compared with the previous fiscal quarter. As of the end of the third fiscal quarter, HP’s total inventory value was $8.2 billion, and the inventory days were 62 days, an increase of 8 days compared with the previous quarter. As of the end of the third fiscal quarter, HP’s total accounts payable was $15.9 billion, and the turnover days of accounts payable were 120 days, an increase of 10 days over the previous fiscal quarter. HP’s free cash flow in the third quarter was $1 billion, including $1.1 billion in net cash provided by business operations, adjusted by a net investment of $40 million in leases and a net investment of $158 million in property, plant and equipment.

HP paid a quarterly dividend of $0.1938 per share in the third fiscal quarter, with a cash use of $230 million. In addition, HP also used $1.5 billion in cash to repurchase about 50 million common shares on the open market in the third quarter. As a result, HP returned 178% of its free cash flow in the third quarter to shareholders. As of the end of the third fiscal quarter, HP’s total gross cash holdings were $3.4 billion, including $8 million in cash and cash equivalents and short-term investments contained in other current assets.

Performance Outlook:

HP expects diluted earnings per share to reach $0.82 to $0.88 in the fourth quarter of fiscal 2021 in accordance with U.S. GAAP; Not in accordance with U.S. GAAP, diluted earnings per share in the fourth quarter is expected to reach $0.84 to $0.90, of which the value is $0.86, exceeding analysts’ expectations. Not in accordance with U.S. GAAP, HP’s estimate of diluted earnings per share from continuing operations in the fourth quarter of fiscal 2021 did not include an after tax expense of $0.02 per share, which was mainly related to restructuring and other expenses, M & a related expenses, pension fixed income plan settlement expenses, intangible asset amortization expenses, non operating retirement related credit or expenses Tax adjustments and related tax impacts of these items. According to the data provided by Yahoo Finance Channel, 16 analysts expect HP’s fourth quarter earnings per share to reach $0.81 on average.

HP also expects that in accordance with U.S. GAAP, diluted earnings per share for the full year of fiscal 2021 will reach $3.56 to $3.62; Not in accordance with U.S. GAAP, the annual diluted earnings per share is expected to reach $3.69 to $3.75, of which the value is $3.72, exceeding analysts’ expectations. Not in accordance with U.S. GAAP, HP did not include an after tax expense of $0.13 per share in its estimate of diluted earnings per share from continuing operations in fiscal 2021, which was mainly related to restructuring and other expenses, M & a related expenses, pension fixed income plan settlement expenses, intangible asset amortization expenses, non operating retirement related credit or expenses Debt service costs, tax adjustments and the related tax impact of these items. According to the data provided by Yahoo Finance Channel, 19 analysts expect HP’s earnings per share to reach $3.49 in fiscal 2021 on average.

Changes in share price:

On the same day, HP shares fell $0.29, or 0.99%, to $29.10 in regular trading on the New York Stock Exchange. In subsequent after hours trading as of 5:27 p.m. Eastern time on Thursday (5:27 a.m. Beijing time on Friday), HP shares fell another $0.50, or 1.72%, to $28.60. In the past 52 weeks, HP’s highest price was $36.00 and its lowest price was $17.25.

More reading: HP financial report: HP’s revenue in Q2 of fiscal 2019 was USD 14.036 billion, slightly higher than that in the same period last year. HP financial report: Q4 HP’s net profit in fiscal 2014 was USD 1.3 billion, down 6% year-on-year. HP financial report: Q1 HP’s revenue in fiscal 2015 was USD 26.8 billion, down 4.7% year-on-year. HP financial report: Q1’s net profit in 2016 was USD 700 million, down 16% year-on-year. HP financial report: Q1’s net profit in 2014 was USD 1.4 billion Year on year growth of 16% hp financial report: Q4 HP net revenue in fiscal year 2015 was US $25.7 billion, down 9% year on year. HP financial report: Q3 HP net profit in fiscal year 2014 was US $1 billion, down 29% year on year. HP financial report: Q3 HP revenue in 2013 was US $27.2 billion, down 8% year on year. HP financial report: HP net revenue in the fourth quarter of 2013 was US $29.131 billion, down 3% year on year. HP financial report: Q1 HP net revenue reached 28.4 billion in 2013 HP’s financial report: in Q3 of fiscal year 2012, HP’s net revenue was $30 billion, and its net loss was $6.854 billion. In the first quarter of 2013, HP returned to profit, but its revenue fell continuously. HP’s financial report: in the second quarter of 2013, HP’s net profit was $1.077 billion, a year-on-year decrease of 32% Tencent’s financial report: in 2017, Tencent’s revenue was $237.76 billion, a year-on-year increase of 56% China Mobile’s financial report: mid-2017 China Mobile’s net profit was 114.3 billion yuan, a year-on-year increase of 5.1%

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