Hewlett Packard Enterprise announced financial results for its fiscal 2019 and the fourth quarter, ended October 31, 2019. The company had yet another successful period and a fiscal year.
“We had a very successful fiscal year, marked by strong and consistent performance,“ said Antonio Neri, president and CEO of HPE. “Through our disciplined execution, we improved profitability across the company and significantly exceeded our original non-GAAP earnings and cash flow outlook, while sharpening our focus, transforming our culture and delivering differentiated innovation to our customers as they accelerate their digital transformations. I am confident in our ability to drive sustainable, profitable growth as we continue to shift our portfolio to higher-value, software-defined solutions and execute our pivot to offering everything as a service by 2022.“
Net revenue in the last quarter was $7.2 billion, stable for the last three quarters and down 9% from the prior-year period and 7% from the prior-year period, excluding Tier 1 server sales and adjusted for currency. GAAP gross margins were 33.2%, up 250 basis points from the prior-year period and Non-GAAP 33.3%, up 260 points.
Cash flow from operations was $1.4 billion, up $106 million from the prior-year period. Free cash flow of $878 million was down $154 million from the prior-year period after a one-time arbitration award payment of $668 million to DXC.
Net revenue in the full fiscal year 2019 was $29.1 billion, down 6% from the prior-year period, and down 2% from the prior-year period, excluding Tier 1 server sales and adjusted for currency. GAAP and Non-GAAP gross margins were at 32.6%, up 270 basis points from the prior-year period.
Cash flow from operations was $4.0 billion, up 35% and $1.0 billion from the prior-year period. Free cash flow of $1.7 billion was up 58% or $636 million from the prior-year period.
HPE estimates that in the first fiscal quarter of 2020, GAAP diluted net EPS will be in the range of $0.20 to $0.24 and non-GAAP diluted net EPS to be in the range of $0.42 to $0.46. For the whole fiscal year 2020 HPE expects GAAP diluted net earnings per share outlook of $1.01 to $1.17 and non-GAAP diluted net earnings per share outlook of $1.78 to $1.94.
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