HP Inc (NYSE:HPQ) Q4 2018 Earnings Conference Call - Final Transcript
Nov 29, 2018 • 05:00 pm ET
Good day, everyone, and welcome to the Q4 2018 HP Inc. Earnings Conference Call. All participants will be in listen-only mode. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. And please note that today's event is being recorded.
And I would now like to turn the conference over to Beth Howe, Head of IR. Please go ahead.
Good afternoon. I am Beth Howe, Head of IR for HP Inc. and I'd like to welcome you to the fiscal 2018 fourth quarter earnings conference call with Dion Weisler, HP's President and CEO, and Steve Fieler, HP's CFO. Before handing the call over to Dion, let me remind you that this call is being webcast. A replay of the webcast will be made available on our website shortly after the call for approximately one year. We posted the earnings release and the accompanying slide presentation on our IR website at www.hp.com.
(Forward-Looking Cautionary Statements)
During this webcast, unless otherwise specifically noted, all comparisons are year-over-year comparisons with the corresponding year-ago period. For financial information that has been expressed on a non-GAAP basis, we've included reconciliations to the comparable GAAP information. Please refer to the tables and slide presentation accompanying today's earnings release for those reconciliations.
And now I will hand it over to Dion.
Good afternoon. Thanks for joining us. It was great to see so many of you in New York for our Securities Analyst Meeting. As we close fiscal 2018, I'm proud of the results we delivered. It was a strong quarter and an exceptional year for HP. Our results demonstrate sustained operational performance, a disciplined investment framework, and prudent cost management. Our core growth and future strategy is working and we are well-positioned for continued success across our categories and our regions.
For quarter four, we delivered revenue of $15.4 billion, up 10%, with strong performance across regions and businesses; non-GAAP earnings per share of $0.54, an increase of 23%; and strong free cash flow of approximately $800 million. For the full year, we grew 12%, adding over $6.4 billion of revenue. We grew non-GAAP earnings per share 22% to $2.02. We returned over $3.5 billion to shareholders through share repurchases and dividends and we generated these results while continuing to invest in our strategic initiatives that are helping to strengthen our long-term competitiveness.
We are consistently executing and winning with customers and partners while simultaneously fulfilling the commitments we made to our shareholders. With our winning portfolio and strong financials, we enter 2019 well-positioned to compete across personal systems, printing, and 3D.
Let's look at each of our segments. Personal Systems continued to deliver impressive profitable growth, both in the fourth quarter and for the full year. In quarter four, revenue and operating profit grew 11%. For the full year, revenue grew 13% and operating profit grew even faster at 17%, adding more than $200 million to the bottomline. These results reinforce the strength of our market position as we focus on segmentation and