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HP CEO to step down; shares fall despite higher fiscal 2019 profit outlook

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HP CEO to step down; shares fall despite higher fiscal 2019 profit outlook

HP Inc. President and CEO Dion Weisler will step down in the coming months over a family health matter, the technology hardware company announced as it reported better-than-expected quarterly earnings and raised its forecasts for fiscal 2019.

Weisler, who has led HP since 2015, will be replaced by Enrique Lores, the president of HP's imaging, printing and solutions business, effective Nov. 1.

Weisler will still be with HP through January 2020 to ensure a smooth transition and stay on its board of directors until the next annual stockholders meeting.

HP shares fell more than 5% shortly after 4:30 p.m. ET. The stock ended the regular trading day down 0.16%, to $18.93.

In the fiscal third quarter, which ended July 31, HP's non-GAAP EPS rose 11.5% year over year to 58 cents from 52 cents and beat the S&P Global Market Intelligence consensus normalized EPS estimate of 55 cents.

Non-GAAP net earnings totaled $880.0 million, an increase from $840.0 million in the year-earlier period.

On a GAAP basis, net earnings grew 34.0% year over year, to $1.18 billion, or 78 cents per share, from $880.0 million, or 54 cents per share.

Net revenue rose to $14.60 billion from $14.59 billion in the prior-year period.

For the fiscal full year, HP projected non-GAAP EPS in the range of $2.18 to $2.22, an increase from previous guidance in the range of $2.14 to $2.21.

HP also expects GAAP EPS in the range of $2.31 to $2.35 for the fiscal full year, up from previous forecast in the range of $2.04 to $2.11.