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HP INC

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HP : PC Sales Offset Slump in Printing at HP

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05/24/2019 | 02:48am EDT

By Micah Maidenberg

HP Inc. bolstered revenue in its latest quarter in part by selling more desktop computers, a gain that helped to offset a weaker performance in its printing business.

Palo Alto, Calif.-based HP reported revenue from desktop computers rose 7% in its fiscal second quarter as demand grew, propelling an increase in revenue of 2% at its personal-systems unit, which also sells tablets, sales systems for retailers and other devices.

Overall, HP's revenue of $14.04 billion for the period was flat compared with a year earlier but slightly surpassed the $13.95 billion that analysts had forecast for the period, according to FactSet.

"While PC growth across the industry was more subdued this quarter, HP continued to outperform the market and gain profitable share," Chief Executive Dion Weisler told analysts on a conference call.

Shares rose about 2% in aftermarket trading after ending Thursday's regular session little changed.

Sales of printers, printing supplies and related items dropped about 2% in the period.

HP's printing business has been a focus for investors, because it offers the company profit margins that are stronger than those from its devices.

In the company's fiscal first quarter, a drop in revenue related to printer supplies like ink and cartridges surprised investors, who had been expecting a gain, and caused a selloff in the stock.

The company said revenue from the printer-supplies business dropped 3% on year.

For the quarter ended April 30, HP's profit fell to $782 million, or 51 cents a share, from $1.06 billion, or 64 cents a share, a year earlier, when HP's earnings were boosted by a nonrecurring tax benefit.

Excluding acquisition and restructuring charges and after other adjustments, HP reported a profit of 53 cents a share, 2 cents higher than what analysts expected.

The company narrowed its projected profit range for the year. It now expects an adjusted profit of $2.14 to $2.21 a share, compared with a previous forecast of $2.12 to $2.22 a share.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

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Financials ($)
Sales 2019 58 808 M
EBIT 2019 4 199 M
Net income 2019 3 194 M
Debt 2019 582 M
Yield 2019 3,07%
P/E ratio 2019 10,04
P/E ratio 2020 9,97
EV / Sales 2019 0,54x
EV / Sales 2020 0,51x
Capitalization 31 120 M
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 22,7 $
Spread / Average Target 9,9%
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Managers
NameTitle
Dion J. Weisler President, Chief Executive Officer & Director
Charles Victor Bergh Independent Director
Catherine A. Lesjak Chief Operating Officer
Steven Fieler Chief Financial Officer
Shane D. Wall Chief Technology Officer
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