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ECONOMY

HP Inc. tops Street 3Q forecasts but outlook clips stock

Associated Press
Published | Updated

PALO ALTO, Calif. – Shares in HP Inc. tumbled in extended trading Wednesday after the personal computer and printer maker beat expectations with its results for its fiscal third quarter but its outlook for the current quarter fell short of Wall Street estimates.

The Palo Alto, California-based company posted fiscal third-quarter profit of $783 million, or 45 cents per share. Earnings, adjusted for one-time gains and costs, were 48 cents per share.

The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 45 cents per share. A year ago the company earned $854 million, or 47 cents a share.

The company posted revenue of $11.89 billion in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $11.4 billion.

But that was also down from the prior-year's level of $12.36 billion. Printing revenue was down 14 percent, while personal computer revenue was flat.

For the current quarter ending in October, HP Inc. expects its per-share earnings to range from 34 cents to 37 cents. Analysts on average had been expecting 41 cents a share for HP's fiscal fourth quarter, according to FactSet.

HP Inc.'s stock was down 77 cents, or more than 5 percent, at $13.63 in after-hours trading following the release of the earnings report.

Through the close of regular-session trading Wednesday, the stock was up 22 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed slightly more than 6 percent.

Hewlett-Packard Co. last year split into two companies, with Hewlett Packard Enterprise Co. selling commercial tech products and services, while HP Inc., is focused on personal computers and printers.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HPQ at http://www.zacks.com/ap/HPQ

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Keywords: HP, Earnings Report

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This story has been corrected to show that the company's name is HP Inc., not Hewlett-Packard Co.