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Xerox profit, revenue decline in third quarter

Rochester Business Journal
October 23, 2012

Xerox Corp. reported a drop in third-quarter profit due, in part, to continued economic challenges. The earnings matched Street expectations, but revenues were lower than expected.

Net income attributable to Xerox was $282 million, or 21 cents a diluted share, down from a profit of $320 million, or 22 cents a diluted share, a year ago. Excluding special charges, Xerox reported adjusted earnings per share of 25 cents, down from 26 cents a year ago.

Revenue was $5.4 billion, down 3 percent from sales of $5.6 billion a year ago.

Analysts polled by Thomson Reuters expected Xerox to report earnings per share of 25 cents on revenues of $5.5 billion.

“Our third-quarter performance aligns with shifts in our business as services become a larger proportion of our revenue, and reflects the dynamics of a challenging economy that is creating cost pressures for large enterprises and governments,” said Ursula Burns, chairman and CEO, in a statement.

The company generated $594 million in cash from operations and is on track to deliver full-year operating cash flow of $2 billion to $2.3 billion as well as repurchase $900 million to $1.1 billion in Xerox stock during the year, Xerox said.

During the fourth quarter, Xerox plans to take a restructuring charge of $50 million to $100 million. Until the plans are finalized, the company’s earnings per share guidance excludes this charge.

Xerox expects fourth-quarter earnings of 29 cents to 31 cents per share. Fourth-quarter adjusted earnings per share are expected to be 33 cents to 35 cents. As a result, full-year 2012 earnings per share are expected to be 92 cents to 94 cents and full-year adjusted earnings per share $1.07 to $1.09.

Xerox ranked first on the most recent Rochester Business Journal list of manufacturers with 6,100 local workers.

This story will be updated later Tuesday.

(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


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