HP Inc. boosted its outlook for full fiscal 2018 as the technology solutions provider booked higher earnings and strong revenue growth in the second quarter.
The company said it now expects GAAP diluted net EPS for fiscal 2018 in the range of $2.75 to $2.82, up from the initial outlook of $2.53 to $2.63, and non-GAAP diluted net EPS in the range of $1.97 to $2.02, up from $1.90 to $2.00.
Net earnings came in at $1.06 billion, or 64 cents per diluted share in the quarter that ended April 30, up from $559 million, or 33 cents per diluted share, in the same period a year ago.
Non-GAAP net EPS was 48 cents, up from 40 cents and in line with S&P Capital IQ's consensus normalized EPS estimate.
Net revenue rose to $14 billion for the quarter from $12.39 billion. Revenue from the personal systems segment was $8.76 billion, up from $7.65 billion, while revenue from HP's printing business was $5.24 billion, up from $4.73 billion.
Earnings from operations rose to $964 million in the second quarter, up from $818 million in the same prior-year quarter.
The company also announced the appointment of 11-year HP veteran Steve Fieler as CFO, effective July 1, succeeding Cathie Lesjak, who will serve as interim COO until her planned retirement next year. Fieler currently heads the treasury and corporate finance functions of the company.
Despite strong results, HP's shares closed down 2.78% to $21.30 in New York.
