Tuesday, May 3, 2011

Xerox Swings to 1Q Profit, But Anticipates Impact From Japan

Xerox (XRX) continued to grow its document outsourcing offerings and more than quadruped its first-quarter profit from a year ago loss, though its shares slipped on expected weakness deriving from the disaster in Japan.
The Norwalk, Conn.-based company posted net income of $281 million, or 19 cents a share, compared with a loss of $42 million, or 4 cents a share, in the same quarter last year.

Excluding one-time items, the company earned 23 cents a share, just ahead of average analyst estimates polled by Thomson Reuters of 22 cents.

Revenue for the document equipment and software developer and servicer was $5.46 billion, up 2% from $4.7 billion a year ago, virtually matching the Street’s view of $5.48 billion.

“Our results in the quarter reflect solid progress in scaling our services business while maintaining our leadership in document technology,” Xerox CEO Ursula Burns said in a statement. “Steady revenue growth and our continued sharp focus on operational improvements resulted in a 28% increase in adjusted earnings. It's a good start to the year.”

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