HPE Financial Services Fiscal Q1/17 Results Mixed

Hewlett Packard Enterprise (HPE) announced fiscal Q1/17 net revenue of $11.4 billion was down 10% from the prior-year period and down 4% when adjusted for divestitures and currency. Net earnings of $267 million in fiscal Q1/17 was “flat” compared to $267 million for the same period a year earlier.

“I believe HPE remains on the right track,” said Meg Whitman, president and CEO of Hewlett Packard Enterprise. “The steps we’re taking to strengthen our portfolio, streamline our organization, and build the right leadership team, are setting us up to win long into the future.”

The following highlights with regard to HPE’s Financial Services business were excerpted from the news release:

  • HPE noted that its HPE Financial Services revenue was $823 million, up 6% compared to $776 million a year earlier. Pretax earnings of $78 million for the period compared to $100 million in the same quarter one year ago.
  • Net portfolio assets were up 2% and financing volume was down 10%.
  • HPE noted that the Financial Services business delivered an operating margin of 9.5% which was down 3.4 points from 12.9% for the same quarter a year earlier.

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