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Conduent posts loss in first solo report

Conduent Inc. reported a year-over-year drop in fourth-quarter sales and a net loss; it was the company’s first separate financial results following its split from Xerox Corp. in January.

The company posted a net loss of $951,000, or $4.85 a share, versus a net loss of $500,000, or 3 cents a share, during the previous year’s quarter. 

Sales were down 12 percent to $1.5 billion versus $1.7 billion a year ago. 

For the year, Conduent posted a net loss of $983,000, or $4.85 a share, versus a net loss of $414,000, or $2.04 a share, during the previous year.

Sales were $6.4 billion versus $6.7 billion during the prior year. 

Ashok Vemuri, Conduent CEO, said that the company’s immediate focus is strengthening client relationships, completing the build-out of its management structure and continuing its transition into a stand-alone business. 

Xerox announced in January the completion of its separation into two publicly traded companies: Xerox and Conduent. Xerox focuses on document technology; Conduent is a business process services company.

In Monroe County, Xerox employs some 5,500 workers. Conduent has slightly more than 600 local employees.

Shares of Conduent (NYSE:CNDT) were trading midday at $15.86, up 5 percent from Tuesday’s close of $15.09.

(c) 2017 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail [email protected]

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