HP named Enrique Lores president and CEO to succeed Dion Weisler Nov. 1. Weisler is stepping down due to a “family health mater” and returning to Australia.
Lores is currently president of HP’s imaging, printing and solutions unit. Weisler will remain with the company through January 2020 to ease the transition and then serve on the board of directors until the next annual meeting.
Weisler has led HP through the split with Hewlett Packard Enterprise and delivered solid quarters, grew the 3D printing business and launched well-designed devices. Lores is a 30 year veteran of HP and led the separation with HPE.
Separately, HP reported its third quarter results. The company reported third quarter net income of $1.2 billion, or 78 cents a share, on revenue of $14.6 billion, flat with a year ago. Non-GAAP earnings were 58 cents a share.
Wall Street was expecting HP non-GAAP third quarter earnings of 55 cents a share on revenue of $14.61 billion.
HP’s PC unit delivered revenue growth of 3% as commercial revenue gains of 10% were offset by a decrease of 11% in consumer units. Desktop units were up 11% and notebooks up 2%.
Printing revenue fell 5% from a year ago with hardware units down 9% and supplies sales down 7%.
As for the outlook, HP said it is expecting fourth quarter non-GAAP earnings of 55 cents a share to 59 cents a share. For fiscal 2019, HP is projecting non-GAAP earnings of $2.18 a share to $2.22 a share. The non-GAAP results exclude charges related to restructuring, acquisitions and other expenses.
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