HPE CEO Meg Whitman To Step Down; HP Falters In Q4

HPE CEO Meg Whitman To Step Down; HP Falters In Q4

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by: Brett Hershman, Benzinga Staff Writer

 

HP Inc HPQ 7.24% shares are down 4 percent despite a fourth quarter sales beat and a raised fiscal 2018 earnings outlook.

HP reported fourth quarter adjusted EPS of 44 cents, falling in line with analyst estimates. Sales came in $550 million ahead of estimates at $13.9 billion.

“Our results demonstrate that HP is strong and getting stronger,” said Dion Weisler, HP president and CEO.

“We posted top-line growth across both personal systems and print, with broad-based, double-digit growth in all three regions, while also growing operating profit and non-GAAP EPS year-over-year.”

HP’s spinoff Hewlett Packard Enterprise Co HPE 7.83% also reported fourth quarter earnings Tuesday, with shares falling over 7 percent following the release.

HPE reported fourth quarter-adjusted EPS of 31 cents, beating estimates by 3 cents. Sales came in $50 million ahead of estimates at $7.8 billion.

Hewlett Packard Enterprise issued first quarter guidance below analyst estimates. The company also announced that HPE president Antonio Neri will succeed Meg Whitman as CEO.

“With strong top line revenue growth, earnings above our previous outlook and our second consecutive quarter of sequential margin improvement, our fourth quarter results are a reflection of the progress we have made over the past two years to transform HPE into a nimble, focused and innovative organization,” Whitman said in the release.

“Today, HPE has a very strong balance sheet, an industry-leading product portfolio and a world-class leadership team ready to drive the next phase of shareholder value,” she said.

 

Outgoing Hewelett Packard Enterprise Co. CEO Meg Whitman. Courtesy photo. 

© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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