– HP Inc. and its subsidiaries on Tuesday announced net income for fiscal 2022 of $63 billion, down 0.8 percent (up 0.7 percent in constant currency) over the year period previous.
The company’s fourth-quarter net income was $14.8 billion, down 11.2 percent (down 8.0 percent in constant currency) from the same period a year earlier.
Its diluted net earnings per share (EPS) under generally accepted accounting principles (GAAP) for fiscal 2022 was $3.05, down from $5.33 in the prior-year period and below the Outlook previously provided $3.46 to $3.56, the company said.
Non-GAAP diluted net EPS for fiscal 2022 was $4.08, compared to $3.79 in the prior year period and within the outlook provided above of $4.02 to $4.12.
HP’s fiscal 2022 net cash was $4.5 billion, with free cash flow of $3.9 billion.
In fiscal 2022, the company returned $5.3 billion to shareholders in the form of share buybacks and dividends.
HP Inc. also announces its Future Ready Transformation Plan, estimates annualized gross run rate cost savings of at least $1.4 billion by the end of fiscal 2025, and restructuring and other charges of approximately $1 billion.
“We delivered a strong end to our fiscal year despite navigating a volatile macro environment and softer demand in the second half. In the fourth quarter we met our non-GAAP EPS target while completing our three-year value creation plan. years and we beat our key metrics,” said HP President and CEO Enrique Lores.
“Looking ahead, the new Future Ready strategy we are introducing this quarter will enable us to better serve our customers and drive long-term value creation by lowering our costs and reinvesting in key growth initiatives to position our business for the future.” future,” he added. ■