HP Inc: further share buybacks with quarterly results

(CercleFinance.com) - On the occasion of its quarterly publication on Wednesday evening, HP Inc.
announced its Board of Directors' decision on Tuesday to increase its share buyback authorization to a total of $10 billion.

For its third quarter 2023-24, the group posted adjusted EPS (non-GAAP) down 3% to $0.83, at the bottom end of its target range of $0.78-0.92, with adjusted operating margin down 0.7 points to 8.1%.

The hardware manufacturer's sales rose by 2.4% to $13.5 billion (+3% at constant exchange rates), with growth in PCs more than offsetting a slight decline in printers.

Also posting free cash flow of $1.3 billion for the quarter, HP is targeting full-year 2023-24 target ranges of $3.35-3.45 for adjusted EPS (instead of $3.30-3.60) and $3.1-3.6 billion for FCF.

Copyright (c) 2024 CercleFinance.com. All rights reserved.