Home Economy Xerox Q4 and YTD revenues down year-over-year

Xerox Q4 and YTD revenues down year-over-year

Norwalk-based Xerox recorded a year-over-year decline in both its fourth-quarter 2016 revenue and its year-to-date profits, according to its newly released earnings report.

Jeff Jacobson

Xerox generated $2.7 billion in revenue during the fourth quarter, down 7 percent from the $2.9 billion level of the fourth quarter of 2015. The company reported $10.7 billion in revenue for 2016, a 6 percent drop from the $11.4 billion reported in 2015.

Xerox also reported $462 million in cash flow from continuing operations during the fourth quarter, compared with $370 million one year earlier. The fourth-quarter adjusted operating margin of 14 percent was 0.7 percent higher than the same quarter a year ago.

Xerox ended 2016 with a smaller workforce: approximately 37,600 as of Dec. 31, a reduction of 2,400 from one year earlier. The company stated that the reduction was “primarily due to the impact of restructuring and productivity-related reductions” and did not include the transfer of employees to Conduent following that entity’s spin-off from Xerox.

Xerox CEO Jeff Jacobson viewed the latest earning data with satisfaction. “Our fourth quarter results demonstrate that we are realizing significant benefits from our strategic transformation program,” he said. “We delivered strong margins that countered expected pressure on revenue.”

Previous articleArtsWestchester to present $55,000 in Arts Alive grants
Next articleConnecticut home sales ended 2016 on a high note
Phil Hall's writing for Westfair Communications has earned multiple awards from the Connecticut Press Club and the Connecticut Society of Professional Journalists. He is a former United Nations-based reporter for Fairchild Broadcast News and the author of 10 books (including the 2020 release "Moby Dick: The Radio Play" and the upcoming "Jesus Christ Movie Star," both published by BearManor Media). He is also the host of the SoundCloud podcast "The Online Movie Show," co-host of the WAPJ-FM talk show "Nutmeg Chatter" and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill's Congress Blog, Profit Confidential, The MReport and StockNews.com. Outside of journalism, he is also a horror movie actor - usually playing the creepy villain who gets badly killed at the end of each film.

LEAVE A REPLY

Please enter your comment!
Please enter your name here