(Bloomberg) -- HP Inc., anticipating that personal computer demand will pick up after a two-year slump, projected profit for the fiscal year beginning in November in line with analysts’ estimates.

Earnings, excluding some items, will be $3.25 a share to $3.65 a share for the 2024 fiscal year, the company said Tuesday in a statement. Analysts, on average, estimated $3.47 a share, according to data compiled by Bloomberg. Free cash flow in the fiscal year will be $3.1 billion to $3.6 billion, compared with an average projection of $3.17 billion.

HP has been buffeted by the drop in PC sales, with higher levels of inventory keeping prices down and businesses putting off purchases. But the slowdown may be coming to an end. Gartner Inc. analysts said Monday that PC shipments “bottomed out” in the period ending in September and they anticipate a rebound beginning in current quarter.

“HP is very well positioned to deliver long-term sustainable growth,” Chief Executive Officer Enrique Lores said in the statement. “We are innovating to meet the changing needs of our customers and we see attractive opportunities to drive profitable growth across our business.”

The shares were little changed in extended trading, after closing at $26.43 in New York. The stock has declined 1.6% this year, while the S&P Information Technology Sector Index has climbed 39%. 

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