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HP Inc. profit misses consensus by 24.9% in fiscal Q1

HP Inc. said its normalized net income for the fiscal first quarter ended Jan. 31 amounted to 69 cents per share, compared with the S&P Capital IQ consensus estimate of 91 cents per share.

EPS increased 5.4% year over year from 65 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.27 billion, a gain from $1.26 billion in the prior-year period.

The normalized profit margin climbed to 4.6% from 4.5% in the year-earlier period.

Total revenue declined on an annual basis to $26.84 billion from $28.15 billion, and total operating expenses fell 5.2% on an annual basis to $24.63 billion from $25.98 billion.

Reported net income declined 5.1% year over year to $1.36 billion, or 73 cents per share, from $1.43 billion, or 74 cents per share.