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HP Inc reported earnings at the top end of its guidance as sales rose 4 per cent year-on-year in the first quarter, led by increased sales of notebook computers to consumers.

The Silicon Valley-based company said net earnings per share were 36 cents, while non-gaap EPS was 38 cents, a penny above the average analyst estimate. Sales at HP increased 5 per cent on a constant currency basis to $12.7bn. While sales of notebooks were up 12 per cent, desktop sales were flat and the printer business declined by 2 per cent on a constant currency basis.

Dion Weisler, president and chief executive, said the company’s results were driven by “relentless execution and innovation”. “We are confident in our ability to manage our business and deliver our full year 2017 financial commitments.”

In the second quarter, HP estimates net earnings per share between 32 and 35 cents and non-gaap earnings to be between 37 to 40 cents per share.

HP Inc, which resulted from a split with Hewlett Packard’s enterprise services company, now known as HPE, returned $613m to shareholders in buybacks and dividends during the quarter. Shares in HP Inc, which uses the ticker $HPQ, rose 0.7 per cent in after hours trading to $16.32.

Copyright The Financial Times Limited 2017. All rights reserved.
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