Xerox Corp. (XRX) Misses Q1 EPS by 1c

Xerox Corp. (NYSE: XRX) reported Q1 EPS of $0.15, $0.01 worse than the analyst estimate of $0.16. Revenue for the quarter came in at $2.45 billion versus the consensus estimate of $2.45 billion.

• GAAP EPS from continuing operations of 2 cents, adjusted EPS of 15 cents; includes 3 cent charge related to Fuji Xerox matter
• Total revenue of $2.45 billion, down 6.2% or 4.3% in constant currency year-over-year
• Adjusted operating margin of 11.4 percent, up 0.9 points year-over-year
• Operating cash flow of $190 million from continuing operations, up $103 million from the same period in 2016
• Announced largest product launch in company’s history, delivering new technology to transform the workplace

"I am pleased with our operational results in the first quarter," said Jeff Jacobson, Xerox chief executive officer. "Revenue and cash flow were in-line with our expectations and, despite currency headwinds, operating margin expanded driven by productivity savings from our Strategic Transformation initiatives.” Jacobson added, “While we still have a lot to do, we laid the foundation to deliver on our full-year commitments."

For earnings history and earnings-related data on Xerox Corp. (XRX) click here.

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