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HP unveils Q1 2019 financial results

February 28, 2019

The OEM has announced its financial results for Q1 2019, reporting a slight rise in revenue from the same time last year.

HP Inc. has announced fiscal 2019 first quarter net revenue of $14.7 billion (€12.8 billion), up 1 percent (up 2 percent in constant currency) from the prior-year period.

“We continued to drive top and bottom line growth in Q1 and are reaffirming our non-GAAP EPS and free cash flow financial outlook for the year,” said Dion Weisler, HP’s President and CEO. “We are benefitting from our market-leading portfolio and accelerating our transformation with momentum in services, solutions and 3D printing as we reinvent HP and position the business for long-term sustainable growth.”

HP’s net cash provided by operating activities in the first quarter of fiscal 2019 was $0.9 billion (€789.1 million). Accounts receivable ended the quarter at $5.1 billion (€4.4 billion), up 1-day quarter over quarter to 31 days. Inventory ended the quarter at $5.6 billion (€4.9 billion), down 1-day quarter over quarter to 42 days. Accounts payable ended the quarter at $14.6 billion (€12.8 billion), up 3 days quarter over quarter to 108 days.

HP generated $0.7 billion (€613.7 million) of free cash flow in the first quarter. Free cash flow includes net cash provided by operating activities of $862 million (€755.2 million) less net investments in and proceeds from the sale of property, plant and equipment of $189 million (€165.5 million).

Printing net revenue was mostly flat year over year (down 0.7 percent in constant currency) with a 16.2 percent operating margin. Total hardware units were up 3 percent with Commercial hardware units up 4 percent and Consumer hardware units up 2 percent. Supplies net revenue was down 3 percent (down 3 percent in constant currency).

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