HP Reports Q1 Earnings Beat, Calls Xerox Proposal A 'Flawed Value Exchange'

HP HPQ reported quarterly earnings of 65 cents per share on Monday, which beat the analyst consensus estimate of 54 cents by 20.37%. This is a 25% increase over earnings of 52 cents per share from the same period last year.

The company reported quarterly sales of $14.6 billion, which missed the analyst consensus estimate of $14.63 billion by 0.21%. This is a 0.75% decrease over sales of $14.71 billion the same period last year.

The company reported a $15 billion buyback and also called the Xerox proposal a "flawed value exchange, irresponsible capital structure, overstated synergies."

"HP is out of the gate strong in Q1, with outstanding earnings and a robust plan to create significant value for shareholders," said Enrique Lores, CEO of HP Inc. "Our three-year financial targets reflect a company at the top of its game, combining the industry's best innovation with disciplined cost management and aggressive capital returns to support a compelling investment in both the short and long term."

HP Inc shares were trading up 5% to $23.24 at time of publication. The stock has a 52-week high of $24.09 and a 52-week low of $15.93.

Related links:

HP To Cut Thousands Of Employees, Updates 2020 Guidance

HP, Xerox Expand Business Partnership