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Burns outlines Xerox's plans for 2014

Rochester Business Journal
November 12, 2013

Xerox Corp.’s leader said Tuesday the company is focused on earnings growth, diversifying its offerings and introducing new technology and services.

It also expects to continue to increase its services side of the business, said Ursula Burns, chairman and CEO, at the company’s annual investor conference.

“Fifty-six percent of our revenue now comes from services, and we’re on track to grow that number to 66 percent by 2017,” Burns said in a statement. “We’re managing our business for growth and margin expansion in services, and for maintaining strong cash flow and market leadership in document technology.”

During the investor conference, the company outlined its expectations for 2014 financial performance.

Full-year 2014 earnings per share are expected to be 93 to 99 cents. Adjusted earnings per share are expected to be $1.10 to $1.16. Full-year expectations for 2013 remain unchanged with earnings per share from continuing operations of 93 to 95 cents, and adjusted EPS of $1.08 to $1.10.

For 2014, Xerox expects operating cash flow of $1.8 billion to $2 billion, with no finance receivable sales planned. The company also expects to allocate at least $500 million for stock buyback, and anticipates spending up to $500 million on acquisitions and $300 million on dividends.

Xerox’s board of directors has approved a $500 million increase in its current share repurchase plan, which brings its authorization level to roughly $1.5 billion, the company said. Xerox continues to expect operating cash flow for 2013 at the higher end of its $2.1 billion to $2.4 billion range, which is enabling greater than $600 million in share repurchase.

 (c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 


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