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HPE revenues down 3% in Q1 on forex effects

HPE revenues down 3% in Q1 on forex effects

Hewlett-Packard Enterprise (HPE) reported revenues of USD 12.7 billion in its fiscal first quarter to 31 January, the company’s first full quarter results since HP separated into two entities. The result was 4 percent up on the Q1 2015 result of USD 13.1 billion on a constant currency basis and 3 percent down on a reported basis. Non-GAAP diluted net earnings per share came in at USD 0.41, at the top end of the previously provided outlook of USD 0.37 to USD 0.41 per share, with HPE returning USD 1.3 billion to shareholders in the form of share repurchases and dividends.

HPE said it profited from being more “focused and nimble” in its first quarter as an independent company, delivering a third consecutive quarter of year-on-year constant currency revenue growth. The company also increased its commitment to return at least 100 percent of full-year 2016 free cash flow outlook to shareholders. For the fiscal second quarter, HPE forecast non-GAAP diluted net EPS of USD 0.39-0.43 and reported EPS of USD 0.13-0.17.

In terms of segments, enterprise group revenue was USD 7.1 billion, up 1 percent year-on-year on a reported basis and up 7 percent in constant currency, with a 13 percent operating margin. The group’s results were driven by networking revenue, which was up 54 percent, or 62 percent in constant currency.

Enterprise services revenue was USD 4.7 billion, down 6 percent year-on-year and flat in constant currency, with a 5.1 percent operating margin, while software revenue came to USD 780 million, down 10 percent year-on-year on a reported basis and 6 percent in constant currency, with a 17.4 percent operating margin.

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