Electronic enthusiasts early eight: On May 25, HP released the second quarter financial report for the fiscal year 2017. The report showed that HP's net revenue for the second quarter was $12.4 billion, up 7% from $11.6 billion in the same period last year; net profit from continuing operations was $559 million, down 15% from $660 million in the same period last year. HP's second-quarter revenue and adjusted earnings per share exceeded Wall Street analysts' expectations, driving its share price to rise 3% in after-hours trading in the US stock market.
In the quarter ended April 30, HP’s net revenue was $12.4 billion, up 7% from $11.6 billion in the same period last year, excluding the impact of exchange rate changes, up 7% year-on-year. Analysts had expected. Financial information provider FactSet survey shows that analysts on average expect HP's second quarter net revenue of $11.9 billion. among them:
Personal Systems Group's revenue was US$7.662 billion, up 10% from US$6.99 billion in the same period last year. The impact of exchange rate changes was 10% year-on-year; operating profit margin was 3.2%. Within the Personal Systems Group, notebook business revenue was $4,493 million, up 17% from $3.838 billion in the same period last year; desktop business revenue was $2,377 million, down 1% from $2,402 million in the same period last year; workstation business camp It closed at $495 million, up 7% from $461 million in the same period last year; revenue from other businesses was $297 million, up 3% from $289 million in the same period last year.
Printing Group's revenue was US$4.743 billion, up 2% from US$4.637 billion in the same period last year. The impact of exchange rate changes was 2% year-on-year; operating profit margin was 17.4%. Within the print group, material revenue was $3,157 million, up 2% from $30.99 billion in the same period last year; commercial hardware revenue was $982 million, up 3% from $957 million in the same period last year; personal hardware revenue was 6.04 US$100 million, up 4% from US$581 million in the same period last year.
Corporate investment totaled $3 million, which was flat compared to $3 million in the same period last year.
Cost and expenditureHP's total cost and expenses for the second quarter were $11.567 billion, up from $107.47 billion in the same period last year. among them:
The cost of products and services was $1.02 billion, up from $9.338 billion in the same period last year;
R&D spending was $314 million, up from $301 million in the same period last year;
Sales, general and administrative expenses were $1.087 billion, up from $1.02 billion in the same period last year;
The restructuring and other expenses were US$140 million, up from US$100 million in the same period last year;
M&A related expenses were US$20 million, and there was no such expenditure in the same period last year;
Expenditure on intangible assets was $1 million, down from $6 million in the same period last year;
The settlement income of the pension fixed income plan was $3 million, which was not included in the same period last year.
profitHP's second-quarter net profit was $559 million, down from $629 million in the same period last year.
HP's net profit from continuing operations in the second quarter was $559 million, down 15% from $660 million in the same period last year; earnings per share from continuing operations were $0.33, down 13% from $0.38 in the same period last year. .
Not in accordance with US GAAP, HP's net profit from continuing operations in the second quarter was $700 million, down 2% from $700 million in the same period last year; earnings per share were $0.40, down from $0.41 in the same period last year. %, but this performance exceeded analysts' previous expectations. According to the FactSet survey, analysts expect HP's second-quarter earnings per share to be $0.39. This quarter did not remove US$126 million and $0.07 per share after the US GAAP net profit and earnings per share, this adjustment and restructuring and other expenses, M&A related expenses, pension fixed income plan Settlement expenses, amortization expenses of intangible assets, non-operating retirement related credits or expenditures, and net tax compensation amount.
Other financial informationHP's second quarter business operations provide a net cash of $500 million.
As of the end of the second quarter, HP's total receivables were $3.8 billion, and the receivables turnover days were 27 days, an increase of two days from the previous quarter. As of the end of the second quarter, HP's total inventory value was $4.8 billion, and inventory days were 43 days, an increase of four days from the previous quarter. As of the end of the second quarter, HP's total accounts payable was $11.1 billion, and accounts payable turnover days were 100 days, an increase of six days from the previous quarter.
Hewlett-Packard distributed a quarterly dividend of $0.1327 per share in the second quarter, and the cash use for dividends was $200 million. In addition, in the second quarter, HP also used the $200 million in cash to repurchase approximately 13.3 million shares of common stock on the open market. As of the end of the second quarter, HP held cash and cash equivalents, short-term investments and specific liquidity long-term investments totaling $6.2 billion.
Performance outlookFor the third quarter of fiscal 2017, HP expects:
Diluted earnings per share from continuing operations are expected to be between $0.36 and $0.40; diluted earnings per share from continuing operations are not expected to be between $0.40 and $0.43, in accordance with US GAAP.
Not in accordance with US GAAP, HP's estimates for diluted earnings per share from continuing operations in the third quarter of fiscal 2017 did not include after-tax expenses of $0.03 to $0.04 per share. And other expenses, M&A related expenses, pension fixed income plan settlement expenses, intangible assets amortization expenses, non-operating retirement related credits or expenditures, net tax compensation amount, net depreciation allowance and non-sustainable operation business.
For the full year of fiscal 2017, HP expects:
According to US GAAP, diluted earnings per share from continuing operations are expected to be between $1.42 and $1.52; diluted earnings per share from continuing operations are expected to be $1.59 in accordance with US GAAP. Between 1.66 US dollars, higher than the previous forecast of 1.55 US dollars to 1.65 US dollars.
Not in accordance with US GAAP, HP's estimate of diluted earnings per share from continuing operations for FY2017 is not included in the after-tax expenses of $0.14 to $0.17 per share, which is mainly related to restructuring and other expenses. M&A related expenses, pension fixed income plan settlement expenses, intangible assets amortization expenses, non-operating retirement related credits or expenditures, net tax compensation amount, net depreciation allowance and non-sustainable operation business.
Stock price movementOn the same day, HP shares rose $0.05 on the New York Stock Exchange's regular trading, to close at $19.01, or 0.26%. In the after-hours trading, which ended at 6:59 pm ET on Wednesday (6:59 am Beijing time), HP shares rose again by $0.57 to $19.58, or 3.00%. In the past 52 weeks, HP's highest share price was $19.49 and the lowest share price was $11.48.
According to the US financial website MarketWatch, after the release of the earnings report, HP shares broke through $20 in after-hours trading, hitting levels that have never been achieved in regular trading since the spin-off with HP in 2015.
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