HP Inc. reports fiscal Q1 financial results, first revenue from 3D printing

HP Inc. (NYSE:HPQ) reports net revenue of $12.7 billion for the first fiscal financial quarter of 2017. These latest financial results show an increase of up 4% when compared to the prior-year period.

This most recent quarter is the first time HP Inc., has recognized revenue from their Multi Jet Fusion range of 3D printers. Company CEO Dion Wiesler said the period was a, “Milestone for 3D printing. Took an order, delivered accepted and received payment for first 3D printer units.”

HP Multi Jet Fusion embedded Quantum Dots. Photo by Michael Petch
HP Multi Jet Fusion embedded Quantum Dots. Photo by Michael Petch

Speaking about today’s results HP president and CEO added,

In Q1, we delivered earnings at the high end of our outlook range with strong free cash flow, driven by relentless execution and innovation. We are confident in our ability to manage our business and deliver our FY17 financial commitments.

HP Inc consolidated earnings Q1 2017
HP Inc consolidated earnings Q1 2017

Making 2D printers with 3D printers

HP’s president of 3D Printing Stephen Nigro has stated that Multi Jet Fusion 3D printing has the “vision to change industries.” Also during this most recent quarter HP announced that a number of components for their 2D printers will be manufactured using the Multi Jet Fusion machines.

While HP Inc. have not separately reported revenue from sales of the Multi Jet Fusion they do provide further information on segmented revenue as follows,

Printing net revenue was down 3% year over year (down 2% in constant currency) with a 16.0% operating margin. Total hardware units were up 6% with Commercial hardware units up 2% and Consumer hardware units up 7%. Supplies net revenue was down 3% (down 2% in constant currency).

2016 was the first full year of trading for HP Inc., and 2017 will be the year when the company begins to recognize revenue from 3D printing.

Other companies in the 3D printing industry will be closely watching for news of 3D printer sales at HP. In particular because a frequent explanation during 2016 for lower than expected sales of 3D printers at some OEM’s was that the market was waiting to see how the Multi Jet Fusion measured up.

As 2017 progresses 3D Printing Industry will be bringing you more information and detailed insight into HP’s 3D printing progress. Sign up to our newsletter and follow us on social media to be the first with all the latest 3D printing news.

Featured image shows HP Multi Jet Fusion on display at formnext 2016. Photo by Michael Petch

HP Inc consolidated balance sheet Q1 2017
HP Inc consolidated balance sheet Q1 2017