Home / Editors' Picks / Xerox posts higher second-quarter net income

Xerox posts higher second-quarter net income

Xerox Corp. reported Tuesday that its net income climbed 5 percent in second-quarter, but its revenue declined 8.1 percent.

xerox logoShares of Xerox (NYSE: XRX) were trading midday around $31.62, up 3 percent from its Monday close at $30.67.  Xerox reported adjusted earnings per share of 87 cents, which excludes 24 cents a share of after-tax costs related to the amortization of intangibles, restructuring and related costs, and certain retirement related costs, the company said. That beat the Zacks Consensus Estimate of 84 cents.

The company posted net income attributable to Xerox of $166 million, or 64 cents per share, versus a net income of $158 million, or 60 cents per share, during last year’s second quarter.

During the quarter, the company’s earnings were affected by lower equipment sales as they shifted to the ConnectKey portfolio.  ConnectKey is document management software, and Xerox recently increased the range of devices that will be able to use the portfolio.

The company’s logged revenues of $2.57 billion, down from $2.79 billion.

Xerox produced cash flow of $343 million from continuing operations, up from $259 million in the second quarter of the previous year.

“We are pleased with the strong operating margins and cash flow we delivered, as well as the continued progress on our strategic transformation initiatives,” Xerox CEO Jeff Jacobson said in a statement.

The company recently expanded its sales efforts in May with the acquisition by Global Imaging Systems,  Xerox company, of MT Business Technologies Inc.

The company narrowed its full-year 2017 guidance of earnings per share from continuing operations to $1.84 to $2.08 and adjusted earnings per share to $3.20 to $3.44. Xerox continues to expect to generate operating cash flow from continuing operations of $700 million to $900 million and free cash flow from continuing operations of $525 million to $725 million in 2017.

Xerox employees nearly 3,800 workers in Monroe County, a slight decline from the previously reported 3,900.

(c) 2017 Rochester Business Journal. To obtain permission to reprint this article, call 585-363-7269 or email madams@bridgetowermedia.com.

One comment

  1. In other news they laid off bus loads of people earlier this year so they could please Wall Street this year

Leave a Reply

Your email address will not be published.


Check Also

Site of the Inner Loop East fill in project.

TIGER grants to Rochester face trouble under Trump budget (access required)

Adjacent to the parking lot of Hart's Local Grocers in Rochester's bustling East End, a mountain of dirt towers over ...

Rochester Regional Health's Wegman Center for Workforce Development, unveiled Tuesday, Oct. 17.

Rochester Regional Health opens Wegman Center for Workforce Development (access required)

Honoring a $5 million gift from the Wegman Family Charitable Foundation, Rochester Regional Health has dubbed its newest nursing education ...

Schools need more help

ROC the Future’s Annual Report Card, presented Tuesday at the Rochester Business Journal’s Power Breakfast, highlighted the gains the city ...