2018.05.2921:24:00UTC+00HP Inc Delivers Strong Results, Lifts Estimates on PC Demand

HP Inc posted better-than-projected quarterly revenue and increased its full-year profit estimate on Tuesday, aided by solid demand for its notebook and desktops.

The firm also announced it has appointed Steve Fieler as its chief financial officer, succeeding Cathie Lesjak. Fieler's appointment is effective on July 1. He is currently the head of HP Inc's treasury and corporate finance functions. Meanwhile, Lesjak will be the interim chief operating officer.

The company, formed out of the 2015 split of Hewlett-Packard Co., increased its forecast for full-year adjusted profit to between $1.97 and $2.02 per share from $1.90 to $2.00. Analysts on average were expecting $1.97, according to Thomson Reuters.

HP Inc.'s personal systems business revenue, which accounts for over 60 percent of overall revenue, increased 14.5 percent to $8.76 billion in the second quarter. On average, analysts had expected $8.28 billion.

Net earnings of the company surged 89. 3 percent to $1.06 billion or 64 cents per share in the quarter ended April, benefiting mostly from a one-time tax benefit of $975 million. Excluding items, the firm earned 48 cents per share, in accordance with estimates. Revenue climbed 13.1 percent to $14 billion, higher than analysts' average projection of $13.75 billion.

HP Inc. had the top position in PC deliveries in the first quarter calendar of 2018 with a 22.6 percent market share, according to International Data Corp.'s data.

Shares of the company were slightly higher in extended trading.