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HP Inc. profit misses consensus by 26.8% in fiscal Q3

HP Inc. said its normalized net income for the fiscal third quarter ended July 31 was 62 cents per share, compared with the S&P Capital IQ consensus estimate of 85 cents per share.

EPS fell year over year from 65 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.14 billion, a decline of 7.0% from $1.23 billion in the prior-year period.

The normalized profit margin fell to 4.3% from 4.4% in the year-earlier period.

Total revenue decreased 8.1% year over year to $25.35 billion from $27.59 billion, and total operating expenses declined 8.1% from the prior-year period to $23.41 billion from $25.48 billion.

Reported net income declined 13.0% from the prior-year period to $859.2 million, or 47 cents per share, from $987.5 million, or 52 cents per share.