By Ben Glickman
HP has issued fiscal 2024 profit guidance below analysts’ estimates.
The Palo Alto, Calif.-based personal computer and device maker said it was forecasting earnings of $2.75 to $3.15 a share in fiscal 2024, which ends in October 2024. The midpoint of the guidance range, $2.95 a share, would represent a drop compared with fiscal 2022, when the company reported a profit of $3.05 a share.
Analysts polled by FactSet expect a profit of $3.21 a share.
The company said it expected fiscal 2024 adjusted earnings of $3.25 to $3.65, compared with the $3.48 expected by analysts polled by FactSet.
HP expects to adjust for 50 cents a share in restructuring and other charges.
The company anticipates free cash flow of $3.1 billion to $3.6 billion in fiscal 2024 based on the current environment. HP said it plans to return that free cash flow to investors.
Write to Ben Glickman at ben.glickman@wsj.com
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