Xerox reports 3Q loss, plans to review its operations
NORWALK, Conn. (AP) — Xerox Corp. said Monday that it plans to conduct a review of its operations in hopes of boosting value for its shareholders.
The document-management company, best known for its printers and copiers, said its board approved a review of its businesses and spending plans.
“Although we already have taken steps to accelerate cost reductions and prioritize investments to drive improved productivity and higher margins, our board determined that undertaking a comprehensive review of structural options for the company’s portfolio is the right decision at this time,” Xerox Chairman and CEO Ursula Burns said in a statement.
Also on Monday, Xerox reported a third-quarter loss of $34 million, or 4 cents per share, after reporting a profit in the same period a year earlier. Excluding one-time charges and amortization costs, the Norwalk, Connecticut-based company posted an adjusted profit of 24 cents per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 22 cents per share.
The business services provider and copier company posted revenue of $4.33 billion in the period. That missed expectations for $4.5 billion in revenue by 7 analysts surveyed by FactSet.
For the current quarter ending in December, Xerox expects its per-share earnings to range from 28 cents to 30 cents.
The company expects full-year earnings in the range of 95 cents to $1.01 per share.
Analysts polled by FactSet expected earnings of 29 cents per share for the fourth quarter and 95 cents per share for the year.
Xerox shares fell 23 cents, or 2.2 percent, to $10.11 in afternoon trading.
The company’s shares have fallen almost 27 percent so far this year and 22 percent in the last 12 months.
This story includes information generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on XRX at http://www.zacks.com/ap/XRX
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