'We continue to believe the value of our shares is undervalued, and, therefore, that buying HP shares is a good investment for investors,' CEO Enrique Lores said.
Earnings per share of $1.10 beat Wall Street's forecast by 8 cents, according to Refinitiv, while quarterly revenues of $17.02 billion eclipsed analyst projections of $16.5 billion. In addition, the company returned $1.8 billion to shareholders in the quarter, with $1.5 billion by way of stock buybacks, Lores said.
Lores' comments came in response to Cramer's inquiry about whether buying back stock "still makes sense all the way up here." On Jan. 12, the stock hit its all-time high of $39.65 per share, but it's come down a bit since then during a period of overall market volatility. HP Inc. shares closed Monday's session at $34.36 apiece, putting its year-to-date declines at nearly 9%.
"We have committed to buy at least $4 billion of shares this year," Lores said. "We are going to continue to execute our plan because, again, we think it's a good investment," he added. HP Inc. shares trade at 8.1 times forward earnings, according to FactSet, which is below their five-year average of 9.4. The stock also supports a 2.9% dividend yield, based on Monday's closing price.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Classic Recreations announces carbon-fiber Shelby Cobra with 800-plus hp, $1.2M price tagClassic Recreations has developed a carbon-fiber Shelby Cobra body that weighs just 88 pounds.
Leer más »
eBay to add crypto payment options soon, says CEO.eBay's CEO confirmed that the e-commerce giant is exploring alternative payment methods and cryptocurrencies could be added during an upcoming event in March.
Leer más »
Ukrainian man partially sinks yacht of Russian CEO 'selling weapons'The 55-year-old was moved by reports of the ongoing events in his country that included missiles hitting areas in Kyiv.
Leer más »
Bitcoin is the Embodiment of Libertarian Values, Argues Kraken CEO in Response to Ukraine Vice PMKraken's CEO, Jesse Powell, responded to the call of Ukraine's Vice PM to block Russian customers.
Leer más »