HP Inc: further share buybacks with Q3 results

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

For Q3 2023-24, group's adjusted EPS (non-GAAP) fell by 3% to $0.83, at the bottom end of its target range of $0.78-0.92, with adjusted operating margin down 0.7 point to 8.1%.

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

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


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