HP reports stable fiscal 2024 results amid market challenges

In a statement reflecting on the company’s performance, Enrique Lores, HP president and CEO, expressed optimism about the future. “We are pleased with our Q4 performance, where we saw revenue growth for the second consecutive quarter. This growth was driven by steady progress in our personal systems and print segments," he said. “With momentum heading into FY25, we are well-positioned to capitalise on the commercial opportunity and lead the future of work.”

Despite the overall decline in annual net revenue, HP's fourth quarter was a highlight, with net revenue reaching USD 14.1-billion, marking a 1.7% increase year on year.

Lores noted that the company is experiencing positive trends that are encouraging for future growth. "Our focus on innovation and customer satisfaction has enabled us to achieve solid results, even in a challenging market environment," he added.

The company's financial strategy also included significant returns to shareholders. HP returned approximately USD 3.2-billion to shareholders in fiscal 2024, a commendable feat considering the market conditions. CFO Karen Parkhill stated, “In FY24, we drove non-GAAP EPS and free cash flow growth, which allowed us to return USD 3.2-billion to shareholders. As we look ahead, we are well-positioned to deliver solid growth across revenue, non-GAAP net earnings, EPS, and free cash flow in FY25.”

HP's focus on managing its assets effectively was also evident, generating USD 3.7-billion in net cash from operating activities and USD 3.3 billion in free cash flow throughout the year. “We’ve worked diligently to optimise our operations and ensure that we remain agile in the face of changing market conditions,” Lores remarked.

Amid the financial report, HP announced a 5% increase in its annual dividend, reflecting the company’s commitment to returning value to its shareholders. This increase aligns with Lores’ perspective on the company's confidence in its long-term performance. “We believe our strategies will not only reflect in our numbers but will also enhance shareholder value significantly in the coming years,” he stated.

As HP moves forward into fiscal year 2025, Lores and Parkhill's sentiments indicate a cautious yet optimistic outlook, buoyed by recent momentum in their operational segments and a commitment to innovation and growth. “We are proud of what we have achieved, and we are excited about the future as we spearhead the next phase of the digital transformation journey,” Lores concluded.