HP shares rise after the company reported solid 2024 Earnings Guidance.

HP (HPQ) shares rose after the PC and printer maker released profit outlook for 2024 that was in line with expectations and increased its dividend.

The business anticipates fiscal 2024 earnings per share (EPS) in the $3.25 to $3.65 range, in line with analyst estimates.

It anticipates free cash flow of $3.1 billion to $3.6 billion.

HP CEO Enrique Lores stated that the company is “well positioned to deliver long-term, sustainable growth,” citing the company’s “Future Ready” plan, which aims to enhance its core business, accelerate service development, establish new operational capabilities, and reduce structural costs. HP’s financial forecast, according to CFO Marie Myers, “reflects continued progress against our strategic priorities.”

The business also stated that its annual dividend will be increased by 5%, to $1.1024 per share from $1.05.

The announcement comes only two months after HP lowered its 2023 prognosis, saying that the PC and printer markets haven’t recovered as quickly as expected.

HP shares were up 1.6% in early trade as of 11 a.m. ET on Wednesday in response to the news, and have risen almost 5% since hitting an 11-month low at the end of September.

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