BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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HP Inc. Reports Fiscal 2024 First Quarter Results
PALO ALTO, Calif., February 28, 2024 – HP Inc. (NYSE: HPQ) today announced its financial results for the first quarter of fiscal year 2024, revealing a mixed performance amidst challenging market conditions. The company reported a decrease in net revenue but demonstrated resilience in earnings per share (EPS) and operational improvements.
Financial Highlights
- GAAP diluted net earnings per share (EPS) stood at $0.62, aligning with the company's expectations of $0.60 to $0.70 per share.
- Non-GAAP diluted net EPS was reported at $0.81, also within the forecasted range of $0.76 to $0.86 per share.
- The first quarter net revenue was $13.2 billion, marking a decrease of 4.4% compared to the same period last year.
- Net cash provided by operating activities amounted to $121 million, with a free cash flow of $25 million.
- HP returned $0.8 billion to shareholders through share repurchases and dividends.
Operational and Segment Performance
- The Personal Systems net revenue declined by 4% year over year to $8.8 billion, with a notable operating margin of 6.1%.
- Printing net revenue saw a 5% decrease to $4.4 billion, although it maintained a robust operating margin of 19.9%.
- Despite the revenue downturn, total units in the Personal Systems segment increased by 5%, with consumer units up by 10% and commercial units by 2%.
Management Commentary
Enrique Lores, President and CEO of HP Inc., commented on the results, stating, "Our Q1 results reflect continued progress against our Future Ready plan. We are bringing terrific innovation to our customers while driving disciplined execution across every facet of the business. As a result, we delivered solid earnings growth this quarter and are well positioned to accelerate as the market recovers."
Future Outlook
Looking ahead to the fiscal 2024 second quarter, HP estimates:
- GAAP diluted net EPS to be in the range of $0.58 to $0.68.
- Non-GAAP diluted net EPS to be between $0.76 and $0.86.
For the full fiscal year 2024, the company anticipates:
- GAAP diluted net EPS to range from $2.61 to $3.01.
- Non-GAAP diluted net EPS forecasted between $3.25 and $3.65.
- HP also expects to generate free cash flow in the range of $3.1 to $3.6 billion.
Conclusion
HP Inc.'s first quarter of fiscal 2024 presents a company navigating through market headwinds with a strategic focus on innovation, operational efficiency, and shareholder value. Despite a decline in revenue, the company's financial health, as evidenced by its EPS and cash flow performance, remains solid. HP's forward-looking statements suggest cautious optimism, with plans to leverage market recovery and ongoing business transformations to sustain growth and profitability.
(Source: HP)
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