Xerox reports first-quarter revenues up, net income down | Rochester Business Journal New York business news and information

Xerox Corp. reported Monday its first-quarter sales rose, but its profit dropped.

The company posted net income of $269 million, or 19 cents a diluted share, versus net income of $281 million, or 19 cents a share, a year ago. On an adjusted basis, net income for the first quarter was $319 million, or 23 cents a diluted share. The adjustments were due to the amortization of intangible assets, the company said.

Revenue was $5.5 billion, up 1 percent from $5.47 billion a year.

Analysts polled by Thomson Reuters expected Xerox to report sales of some $4.5 billion and earnings per share of 23 cents.

“Our first-quarter results reflect the successful execution of our strategy: accelerate services, grow our install base of Xerox color products and efficiently operate our business to deliver strong earnings and shareholder value,” said Ursula Burns, Xerox chairman and CEO, in a statement.

Worldwide employment of 138,300 decreased roughly 1,350 from year-end 2011, primarily due to restructuring partially offset by the impact of acquisitions. Xerox employs roughly 6,300 local workers.

Xerox expects second-quarter 2012 earnings, on a generally accepted accounting principle basis of 21 cents to 24 cents a share. Second-quarter adjusted earnings per share is expected to be 25 cents to 28 cents, including restructuring charges of 1 cent to 2 cents a share.

The company reiterated its expectations for full-year 2012 GAAP earnings per share of 97 cents to $1.03. Including restructuring, Xerox continues to expect full-year adjusted earnings per share of $1.12 to $1.18.

Xerox continues to expect full-year operating cash flow of $2 billion to $2.3 billion, and plans to repurchase $900 million to $1.1 billion in Xerox stock during 2012.