HP Inc. revised its outlook for fiscal 2019 as its latest quarterly core earnings beat analysts' expectations.
The company's non-GAAP EPS for the second quarter ended April 30 amounted to 53 cents, up 10.4% year over year from 48 cents and beating the S&P Global Market Intelligence consensus normalized EPS estimate of 51 cents.
Non-GAAP net earnings totaled $821.0 million, up from $798.0 million in the prior-year period.
On a GAAP basis, net earnings fell 26.1% on annual basis to $782.0 million, or 51 cents per share, from $1.06 billion, or 64 cents per share.
Revenue came to $14.04 billion, compared with $14.00 billion in the year-ago quarter.
Fiscal first half
Year-to-date through April 30, the company's non-GAAP net earnings reached $1.63 billion, an increase from $1.60 billion a year earlier. EPS rose to $1.05 from 97 cents.
Fiscal first-half GAAP net earnings fell 47.1% on an annual basis to $1.58 billion, or $1.02 per share, from $3.00 billion, or $1.81 per share.
Year-to-date net revenue amounted to $28.75 billion, compared with $28.52 billion in the prior-year period.
In reporting results, the company said it forecasts non-GAAP EPS in the range of $2.14 to $2.21 for the fiscal year, a tightening from previous guidance in the range of $2.12 to $2.22.
The company also forecasts non-GAAP EPS in the range of 53 cents to 56 cents for the fiscal third quarter.