8-K
filed November 22, 2022, 6:59 PM ET
ticker HPQ
CIK 0000047217
earnings
confidence high
sentiment negative
materiality 0.80
HP INC (HPQ): restructuring charge — HP reports FY22 GAAP EPS $3.05, Q4 GAAP nil; announces restructuring and dividend increase
HP INC
2022-FY EPS reported
$3.05
revenue$62,983,000,000
- FY22 GAAP diluted EPS $3.05 (below outlook $3.46-$3.56); non-GAAP $4.08 (within $4.02-$4.12).
- Q4 GAAP diluted EPS negligible (below $0.44-$0.54 outlook); non-GAAP $0.85 (within $0.79-$0.89).
- FY22 net revenue $63.0B, down 0.8% YoY; Q4 revenue $14.8B, down 11.2% YoY.
- Board approved Future Ready plan: annual savings target $1.4B by FY25, restructuring charges ~$1.0B, workforce cuts 4,000-6,000.
- Dividend raised 5% to $0.2625/share quarterly, starting Q1 FY23.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
HP INC reported the fiscal year ended October 31, 2022 results: revenue $63.0 billion, net income $ 3.2, EPS $3.05.
- Period
- the fiscal year ended October 31, 2022
- Revenue
- $63.0 billion
- Net income
- $ 3.2
- EPS
- $3.05
- Result
- reported results
Exact text from the filing
• Fiscal 2022 GAAP diluted net earnings per share ("EPS") of $3.05, below the previously provided outlook of $3.46 to $3.56 per share • Fiscal 2022 non-GAAP diluted net EPS of $4.08, within the previously provided outlook of $4.02 to $4.12 per share • Fiscal 2022 net revenue of $63.0 billion, down 0.8% from the prior-year period
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
HP INC reported the fiscal quarter ended October 31, 2022 results: revenue $14.8 billion, net income $ —, EPS negligible.
- Period
- the fiscal quarter ended October 31, 2022
- Revenue
- $14.8 billion
- Net income
- $ —
- EPS
- negligible
- Result
- reported results
Exact text from the filing
• Fourth quarter GAAP diluted net EPS was negligible, below the previously provided outlook of $0.44 to $0.54 per share, due to one-time non-cash tax adjustments • Fourth quarter non-GAAP diluted net EPS of $0.85, within the previously provided outlook of $0.79 to $0.89 per share • Fourth quarter net revenue of $14.8 billion, down 11.2% from the prior-year period
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
HP INC announced a restructuring with charges of approximately $1.0 billion (approximately 4,000 – 6,000 employees).
- Type
- restructuring
- Charge
- approximately $1.0 billion
- Headcount
- approximately 4,000 – 6,000 employees
Exact text from the filing
HP anticipates incurring approximately $1.0 billion in restructuring and other charges due to both labor and non-labor actions, approximately $0.8 billion of which is expected to be cash expenditures. Of the $1.0 billion, HP expects to incur approximately $0.7 billion in labor costs related to workforce reductions of approximately 4,000 – 6,000 employees by the end of fiscal 2025.
View on SEC.gov
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