HP(NYSE: HPQ) Reported Fourth-Quarter Fiscal 2023

HP Inc. HPQ reported better-than-expected financial results for the fourth quarter of fiscal 2023.

HP reported fourth-quarter fiscal 2023 non-GAAP earnings of 90 cents per share, which surpassed the consensus mark by a penny and came within management’s previously guided range of 85-97 cents. Moreover, the bottom line improved 10% on a year-over-year basis, mainly driven by lower commodity and logistics expenses and efficient cost management, partially offset by a reduction in revenues and unfavorable currency exchange rates.

HP’s net revenues of $13.8 billion came in higher than the Zacks Consensus Estimate of $13.68 billion but declined 6.5% year over year. In constant currency (cc), revenues declined 5% in the fourth quarter. The dismal top line reflected a weak performance in HPQ’s Personal Systems (“PS”) and Printers segments.

HP initiated guidance for the first quarter while reiterating the fiscal 2024 outlook. For the first quarter of fiscal 2024, the company estimates non-GAAP earnings per share (EPS) between 76 cents and 86 cents (midpoint 81 cents). The midpoint of the first-quarter earnings guidance fell short of the Zacks Consensus Estimate of 85 cents.

For fiscal 2024, the company continues to project non-GAAP EPS between $3.25 and $3.65 (midpoint $3.45). The midpoint of the fiscal 2024 earnings guidance range is in line with the consensus mark. HPQ also reaffirmed its free cash flow guidance of $3.1-$3.6 billion for fiscal 2024.

Price Momentum
HPQ is trading in the middle of its 52-week range and near its 200-day simple moving average.

What does this mean?
Investors are still evaluating the share price, and the stock is still trying to generate some momentum. This is a Positive sign for the stock's future value.

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