HP Inc. shares rise on dividend hike, shareholder return plans

HP Inc.
HPQ,
+1.34%
on Tuesday announced a 5% dividend increase, while forecasting fiscal 2024 adjusted per-share profit that was slightly below Wall Street’s expectations. The maker of computers and printers said it expected fiscal 2024 adjusted earnings per share of $3.25 to $3.65, compared with FactSet forecasts for $3.48. The company said it was raising its annual dividend by 5% to $1.10 a share. Shares were up 1.4% after hours. HP said it expected fiscal 2024 free cash flow of $3.1 billion to $3.6 billion, and said it expected to return “approximately 100% of fiscal 2024 free cash flow to shareholders through dividends and share repurchases.” The company said it was “strengthening our core business, accelerating our expansion in services, building new operational capabilities, and improving our structural costs.”