HPQ HP Inc

   By Austen Hufford 
 

HP Inc. (HPQ) reported an increase in revenue and profit in the latest quarter as it had double-digit revenue growth in both its printing and device businesses.

Shares rose 8% in after-hours trading.

HP closed its $1.05 billion acquisition of Samsung Electronics Co.'s printer business in November and on Thursday the company said the integration is working. Printing revenue grew 14% to $5.08 billion, boosted by growth in commercial hardware, consumer printers and printing supplies.

Personal systems revenue grew 15% to $9.44 billion on growth from sales of laptops, desktops and workstations.

In all, revenue grew 14% to $14.52 billion in the three months ended Jan. 31, above the $13.49 billion expected by analysts polled by Thomson Reuters.

HP said it saw a shift towards more expensive computers in its first quarter as there was increased buying of premium and gaming computers. This was partially offset by corporate buying of the less-expensive Chromebooks, a type of internet-focused laptop.

The company earned a profit of $1.94 billion, or $1.16 a share, in its fiscal first quarter, compared with a profit of $611 million, or 36 cents a share, a year before.

"The strong quarter was really enhanced by the tax" law, Financial Chief Cathie Lesjak said. "Over time we think it's going to drive higher net earnings and increase near-term shareholder return opportunities," as well as allow the company to give higher performance bonuses to its employees. The company recorded a benefit of $1.1 billion in the quarter following tax code changes.

HP raised its outlook on 2018 adjusted earnings per share by 15 cents to $1.90 to $2. Analysts had expected adjusted earnings per share of $1.81.

On an adjusted basis the company had earnings per share of 48 cents in the quarter, and 44 cents with the tax benefit excluded, both above the 42 cents expected by analysts.

Write to Austen Hufford at Austen.Hufford@wsj.com

(END) Dow Jones Newswires

February 22, 2018 16:45 ET (21:45 GMT)

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