The personal computer and printer company laid out both a long-term growth forecast and fiscal 2024 estimates that met or beat Street estimates.
HPInc. said the company sees 2% to 4% long-term annual revenue growth, with earnings per share growth in the high single digit percentage range. The PC and printer company made the forecast Tuesday afternoon at a meeting with securities analysts in Palo Alto, Calif.HP expects free cash flow growth in line with profit expansion. HP added that it continues to expect to return 100% of free cash to shareholders in the form of dividends and stock repurchases.
HP announced that it is increasing its dividend rate on an annualized basis by 5 cents to $1.10 a share, from $1.05. The stock has a yield of just over 4%. For the October 2024 fiscal year, HP expects non-GAAP profits of $3.25 to $3.65 a share, with profits under generally accepted accounting principles of $2.75 to $3.15 a share. Street consensus had called for non-GAAP profits of $3.48 a share, up from an estimated $3.30 a share in fiscal 2023.
HP sees FY 2024 free cash flow of between $3.1 billion and $3.6 billion. CFO Marie Myers said HP expects second half revenue growth to be higher than in the first half, aided by an expected improvement in personal computer demand. The company also said it now expects $1.6 billion in annualized run rate cost savings by the end of fiscal year 2025 from its cost containment plan, $200 million above its previously announced target range.
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