HP Inc. Reports Fiscal 2021 Full Year and Fourth Quarter Results

HP Inc. and its subsidiaries ("HP") announced fiscal 2021 net revenue of $63.5 billion, up 12.1% (up 10.2% in constant currency) from the prior-year period.

Enrique Lores, HP Inc. President and CEO, said of the results, "Our results reflect a growth-oriented company on its front foot and hitting its stride. We delivered a very strong quarter to close out an exceptional year of double-digit revenue, operating profit and EPS growth while returning record levels of capital to shareholders. In addition, HP is at the heart of hybrid with an innovative portfolio of hardware, software and subscriptions that position the company well for sustained growth in the fiscal year 2022 and beyond."

Highlights of the results

Fiscal 2021 GAAP diluted net EPS was $5.33, up from $2.00 in the prior-year period and above the previously provided outlook of $3.56 to $3.62. Fiscal 2021 non-GAAP diluted net EPS was $3.79, up from $2.28 in the prior-year period and above the previously provided outlook of $3.69 to $3.75. Fiscal 2021 non-GAAP net earnings and non-GAAP diluted net EPS exclude after-tax adjustments of $1,883 million, or $1.54 per diluted share, related to restructuring and other charges, acquisition-related charges, amortization of intangible assets, non-operating retirement-related (credits)/charges, defined benefit plan settlement (gains)/charges, Oracle litigation proceeds, debt extinguishment costs, and tax adjustments.

Fourth quarter net revenue was $16.7 billion, up 9.3% (up 6.9% in constant currency) from the prior-year period. Fourth quarter GAAP diluted net EPS was $2.71, up from $0.49 in the prior-year period and above the previously provided outlook of $0.82 to $0.88. Fourth quarter non-GAAP diluted net EPS was $0.94, up from $0.62 in the prior-year period and above the previously provided outlook of $0.84 to $0.90. Fourth quarter non-GAAP net earnings and non-GAAP diluted net EPS exclude after-tax adjustments of $2,023 million, or $1.77 per diluted share, related to restructuring and other charges, acquisition-related charges, amortisation of intangible assets, non-operating retirement-related (credits)/charges, defined benefit plan settlement (gains)/charges, Oracle litigation proceeds, and tax adjustments.


Fiscal 2021 fourth quarter segment results

• Personal Systems' net revenue was $11.8 billion, up 13% year over year (up 10% in constant currency) with a 6.5% operating margin. Consumer PCs net revenue decreased 3%, and Commercial PCs net revenue increased 25%. Total units were down 9%, with Notebooks units down 12% and Desktops units up 2%.
• Printing net revenue was $4.9 billion, up 1% year over year (flat in constant currency) with a 17.0% operating margin. Total hardware units were down 26%, with Consumer units down 28% and Commercial units down 12%. Consumer net revenue was down 6%, and Commercial net revenue was up 19%. Supplies net revenue was down 2% (down 3% in constant currency).

For more information and the complete report on HP's earnings, including additional financial analysis and an earnings overview presentation, is available on HP's Investor Relations website at investor.hp.com.