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Inflation and supply chain disruptions impact Xerox’s first quarter results
Inflation and supply chain disruptions impact Xerox’s first quarter results
Xerox Holdings Corp. reported on Thursday a first-quarter net operating loss due to broad-based inflationary pressure and increased logistics costs from supply chain disruptions.
The company reported a net loss of $56 million, or 38 cents a share, compared to net income of $39 million, or 18 cents a share, a year ago.
On an adjusted basis, Xerox reported a net loss of 12 cents a share, versus a profit of 22 cents a share, for the same period last year.
Sales were nearly $1.67 billion, down 2.5 percent from sales of $1.71 billion a year ago.
John Visentin, Xerox vice chairman and CEO, said revenues were in line with expectations despite an increasingly volatile operating environment.
“Underlying demand for our products and services remains strong, as indicated by our growing backlog and growth in post-sale revenue,” Visentin said in a statement, adding that the company is “committed to monetizing our investments in new businesses in ways that maximize shareholder value.”
Xerox maintained its current guidance expecting annual revenue of at least $7.1 billion in actual currency. Free cash flow is projected to be at least $400 million. The company plans to return at least 50 percent of free cash flow to shareholders.
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