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.
