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HP Inc. fiscal Q3 profit falls YOY

HP Inc. said its normalized net income for the fiscal third quarter ended July 31 was 36 cents per share, compared with the S&P Capital IQ consensus estimate of 42 cents per share.

EPS fell 10.2% year over year from 40 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $616.3 million, a decrease of 11.7% from $698.1 million in the year-earlier period.

The normalized profit margin fell to 4.7% from 5.9% in the year-earlier period.

Total revenue increased 9.8% year over year to $13.06 billion from $11.89 billion, and total operating expenses increased 11.9% on an annual basis to $12.02 billion from $10.74 billion.

Reported net income decreased 17.8% on an annual basis to $695.0 million, or 41 cents per share, from $845.3 million, or 49 cents per share.