Xerox Corp. reported a second-quarter profit of $155 million or $0.15 per share, up from $12 million or $0.01 per share in the second quarter of 2015.
Those results were better than expected as the Norwalk company continues the process of splitting itself into two separate entities – its document business, which will retain the Xerox name, and its business process outsourcing (BPO) spinoff, Conduent – which it expects to conclude in the second half of this year.
Xerox took $71 million in restructuring and related charges in the second quarter, less than the $100 million it estimated in April. It also cut its estimate for one-time pre-tax separation costs to $175-200 million from $200-250 million.
Second-quarter total revenue of $4.4 billion was down 4 percent year-over-year; its operating margin of 9.3 percent was up 0.8 percent from the same quarter a year ago. The BPO business delivered $2.5 billion in revenue, a decrease of 2 percent, while document technology operations delivered total revenue of $1.8 billion, down 7 percent.
The company expects full-year earnings in the range of $1.10-1.20 per share.