HP Inc. Reports Fiscal 3Q 2021 Results

31 August 2021

HP Inc. and its subsidiaries announced fiscal 2021 third quarter net revenue of $15.3 billion, up 7.0% (up 4.1% in constant currency) from the prior-year period.

HP's net cash provided by operating activities in the third quarter of fiscal 2021 was $1.1 billion. HP generated $1 billion of free cash flow in the third quarter.

Third quarter GAAP diluted net EPS was $0.92, up from $0.52 in the prior-year period and above the previously provided outlook of $0.77 to $0.81. Third quarter non-GAAP diluted net EPS was $1.00, up from $0.49 in the prior-year period and above the previously provided outlook of $0.81 to $0.85.

“Strong and sustained demand for our technology drove another quarter of top and bottom-line growth and we more than doubled non-GAAP EPS year over year,” said Enrique Lores, HP president and CEO. “We are performing while we are transforming our business models and service offerings to accelerate growth opportunities across our portfolio. The evolving hybrid world is driving innovation and market expansion for HP and we are well positioned to capitalize on trends in our markets.”

Personal Systems net revenue was $10.4 billion, flat year over year (down 3% in constant currency) with an 8.4% operating margin. Consumer net revenue increased 3% and Commercial net revenue decreased 1%. Total units were flat with Notebooks units up 2% and Desktops units down 7%.

Printing net revenue was $4.9 billion, up 24% year over year (up 22% in constant currency) with a 17.6% operating margin. Total hardware units were down 4% overall, with Consumer units down 8% and Commercial units up 29%. Consumer net revenue was up 15% and Commercial net revenue was up 46%. Supplies net revenue was up 20% (up 19% in constant currency).