Xerox earnings top expectations as CEO touts services
After accounting for restructuring costs stemming from the layoffs of 2,500 employees, Xerox Corp. fourth quarter adjusted earnings were 30 cents per share, topping a consensus estimate of 29 cents per share.
The Norwalk company reported that fourth quarter revenues declined about 1 percent to $5.9 billion compared to the fourth quarter of 2011, while net profit fell 11 percent to $335 million from $375 million a year prior.
CEO Ursula Burns said the company’s fourth quarter profit lined up with expectations, adding that the company would continue to focus on its business services units.
“Throughout 2012, we focused on scaling our services business and adjusting our business model to align with growth opportunities in the $600 billion market we serve,” Burns said in a Jan. 24 statement. “Our fourth-quarter results reflect steady progress.”
In 2012, net profit slipped 8 percent to $1.2 billion from $1.3 billion in 2011. Revenues fell slightly, dropping to $22.4 billion from $22.6 billion the previous year.