HP Q4 Earnings Down 88 Percent
Financial Services revenue grew 18 percent year over year driven by double-digit growth in both lease volume and portfolio assets. The business delivered a 10.3 percent operating margin.
Asset management HP generated $2.4 billion in cash flow from operations in the fourth quarter. Inventory ended the quarter at $7.5 billion, with days of inventory up 4 days year over year to 27 days. Accounts receivable of $18.2 billion was up 1 day year over year to 51 days. Accounts payable ended the quarter at $14.8 billion, flat from the prior-year period at 52 days. HP's dividend payment of $0.12 per share in the fourth quarter resulted in cash usage of $239 million. HP also utilized $500 million of cash during the quarter to repurchase approximately 17 million shares of common stock in the open market. HP exited the quarter with $8.1 billion in gross cash.
- People:
- Cathie Lesjak
- Meg Whitman