HP Q1 EPS In Line, But Revenues Miss Street

(RTTNews) - HP Inc. (HPQ) Wednesday said its first-quarter net earnings dropped to $803 million or $0.51 per share from $1.94 billion or $1.16 per share last year.

On an adjusted basis, earnings for the quarter rose to $0.52 per share from $0.48 per share last year. Analysts polled by Thomson Reuters estimate earnings of $0.52 per share for the quarter.

Net revenues for the quarter rose 1% to $14.71 billion from $14.52 billion last year. Analysts had a consensus revenue estimate of $14.88 billion for the quarter.

"We continued to drive top and bottom line growth in Q1 and are reaffirming our non-GAAP EPS and free cash flow financial outlook for the year," said Dion Weisler, HP's President and CEO. "We are benefitting from our market-leading portfolio and accelerating our transformation with momentum in services, solutions and 3D printing as we reinvent HP and position the business for long-term sustainable growth."

Looking forward, HP expects adjusted earnings of $0.50 to $0.53 per share for the second quarter and $2.12 to $2.22 per share for the full year. Analysts currently estimate earnings of $0.53 per share and 2.20 per share for the second quarter and full year 2019.