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.

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.”