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Xerox reports impressive second quarter earnings
Xerox reports impressive second quarter earnings
Xerox Holdings Corp. shares were up roughly 5 percent on Tuesday following an earnings report that beat Wall Street estimates.
Shares of company stock (NYSE: XRX) were trading $24.75 this afternoon, up from today’s opening price of $23.54.
For the second quarter ended June 30, the Norwalk, Conn., company reported revenue of $1.79 billion, up from $1.47 billion in the second quarter last year. Net income for the quarter was $91 million, compared with $21 million in the year-ago quarter. Earnings for the quarter rose to 46 cents from 11 cents a year ago.
Analysts had expected earnings of 26 cents per diluted share on sales of $1.09 billion.
“We saw growing demand for our products and services in the second quarter. Increased equipment sales and print volumes in many regions are consistent with a continuing, gradual return to the office and give us confidence to reaffirm our revenue and cash flow guidance for the year,” said Xerox Vice Chairman and CEO John Visentin. “Over the past 18 months, our team has successfully managed through an unprecedented level of uncertainty to continue delivering value to our clients. This focus will continue in the second half of the year as we manage through global supply chain disruption while investing for sustainable, long-term growth.”
Xerox reported $198 million of free cash flow, up $183 million from a year ago.
Company officials said they expect that measures to control the pandemic and expand economic activity will result in a moderate economic improvement in 2021, but that in the near term, recovery may be uneven and affected by the emergence of new variants of the COVID-19 virus, which could result in a resurgence of cases in various countries and regions, affecting the company’s bottom line.
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