HP Inc. (HPQ) reported Q4 EPS of $0.85, in-line with the analyst estimate of $0.85. Revenue for the quarter came in at $14.8 billion versus the consensus estimate of $14.84 billion.
GUIDANCE:
HP Inc. sees Q1 2023 EPS of $0.70-$0.80, versus the consensus of $0.86.
HP Inc. sees FY2023 EPS of $3.20-$3.60, versus the consensus of $3.61.
Fiscal year 2023 Future Ready TransformationToday, HP Inc. announced a fiscal year 2023 Future Ready Transformation plan, driving significant structural cost savings through digital transformation, portfolio optimization and operational efficiency. The company estimates that these actions will result in annualized gross run rate savings of at least $1.4 billion by the end of fiscal 2025. The company estimates that it will incur approximately $1.0 billion in labor and non-labor costs related to restructuring and other charges, with approximately $0.6 billion in fiscal 2023, and the rest split approximately equally between fiscal 2024 and 2025. The company expects to reduce gross global headcount by approximately 4,000-6,000 employees. These actions are expected to be completed by the end of fiscal 2025.