HP Inc. Reports A Strong 2021 Quarter With Double Digit Top And Bottom Line Growth
Fiscal 2021 Second Quarter Segment Results
Personal Systems net revenue was $10.6 billion, up 27% year over year (up 25% in constant currency) with a 6.7% operating margin. Consumer net revenue increased 72% and Commercial net revenue increased 10%. Total units were up 44% with Notebooks units up 63% and Desktops units down 5%.
Printing net revenue was $5.3 billion, up 28% year over year (up 27% in constant currency) with a 17.9% operating margin. Total hardware units were up 42% with Consumer units up 45% and Commercial units up 22%. Consumer net revenue increased 77% and Commercial net revenue increased 34%. Supplies net revenue was up 17% (up 17% in constant currency).
HP Inc. and its subsidiaries (“HP”) announced fiscal 2021 second quarter net revenue of $15.9 billion, up 27.3% (up 25.4% in constant currency) from the prior-year period.
Second quarter GAAP diluted net EPS was $0.98, up from $0.53 in the prior-year period and above the previously provided outlook of $0.82 to $0.88.
Second quarter non-GAAP diluted net EPS was $0.93, up from $0.51 in the prior-year period and above the previously provided outlook of $0.84 to $0.90.
Second quarter non-GAAP net earnings and non-GAAP diluted net EPS exclude after-tax adjustments of $70 million, or $0.05 per diluted share, related to restructuring and other charges, acquisition-related charges, amortization of intangible assets, non-operating retirement-related (credits)/charges, and tax adjustments.
“We delivered another strong quarter, with double-digit top and bottom line growth. HP technology is increasingly at the heart of hybrid work and we are benefitting from exceptional demand for our products and services,” said Enrique Lores, HP Inc. President and CEO. “Our performance and our positive outlook for the full year reflect the relevance of our innovation, the resilience of our business model, and the operational excellence of our teams.”
HP generated $1.3 billion of free cash flow in the second quarter. Free cash flow includes net cash provided by operating activities of $1.4 billion adjusted for net investments in leases of $21 million and net investments in property, plant and equipment of $121 million.
About HP Inc.
HP Inc. creates technology that makes life better for everyone, everywhere.
Through our product and service portfolio of personal systems, printers and 3D printing solutions, we engineer experiences that amaze.
