HPE Financial Q3/17 Earnings Off Despite Revenue Increase
SEP 7, 2017 - 6:50 am
Hewlett Packard Enterprise‘s fiscal Q3/17 net revenue of $8.2 billion was up 3% from the prior-year period and up 6% when adjusted for divestitures and currency.
The following highlights with regard to HPE’s Financial Services business were excerpted from the HPE news release:
Financial Services revenue was $897 million in fiscal Q3/17, up 10.5% from $812 million for the same quarter a year earlier. For the nine month period ended July 31, 2017, net revenue was $2,592 million, up 9.1% from $2,376 million a year earlier.
Pretax Financial Services’ earnings for the three months ended July 31, 2017 were $70 million, down 12.5% from $80 million a year earlier. For the nine-month period, earnings from continuing operations of $226 million were down 10.7% from $253 million for the same nine-month period in fiscal 2016.
HPE noted Financial Services net portfolio assets were up 2%, and financing volume was down 8%. HPE said the business delivered an operating margin of 7.8%, down 1.1 points and 2.1 points quarter over quarter and year over year, respectively.
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