HP Inc. Reports Fiscal 2021 First Quarter Results

As in prior periods, the financial information set forth in this document, including any tax-related items, reflects estimates based on information available at this time. While HP believes these estimates to be reasonable, these amounts could differ materially from reported amounts in HP’s Quarterly Reports on Form 10-Q for the fiscal quarters ended January 31, 2021, April 30, 2021 and July 31, 2021, Annual Report on Form 10-K for the fiscal year ended October 31, 2021, and HP’s other filings with the Securities and Exchange Commission. The forward-looking statements in this document are made as of the date of this document and HP assumes no obligation and does not intend to update these forward-looking statements.

HP’s Investor Relations website at investor.hp.com contains a significant amount of information about HP, including financial and other information for investors. HP encourages investors to visit its website from time to time, as information is updated, and new information is posted. The content of HP’s website is not incorporated by reference into this document or in any other report or document HP files with the SEC, and any references to HP’s website are intended to be inactive textual references only.

(In millions, except per share amounts)

  Three months ended
  January 31, 2021  October 31, 2020  January 31, 2020
Net revenue$15,646  $15,258  $14,618 
Costs and expenses:     
Cost of revenue12,322  12,579  11,746 
Research and development471  381  400 
Selling, general and administrative1,376  1,244  1,290 
Restructuring and other charges121  31  291 
Acquisition-related charges6  2   
Amortization of intangible assets29  29  26 
Total costs and expenses14,325     14,266     13,753  
Earnings from operations 1,321     992     865  
Interest and other, net (25)     (216)     13  
Earnings before taxes 1,296     776     878  
Provision for taxes (228)     (108)     (200)  
Net earnings $ 1,068     $ 668     $ 678  
Net earnings per share:          
Basic $ 0.83     $ 0.50     $ 0.47  
Diluted $ 0.83     $ 0.49     $ 0.46  
Cash dividends declared per share $ 0.39     $     $ 0.35  
Weighted-average shares used to compute net earnings per share:          
Basic 1,285     1,347     1,454  
Diluted 1,293     1,356     1,460  

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