UPDATE: Xerox Corp. (XRX) Tops Q3 EPS by 7c, Revenues Miss; Boosts Buyback to $700M (fom $500M), Lifts FY Operating CF and FCF Outlook
Xerox Corp. (NYSE: XRX) reported Q3 EPS of $0.85, $0.07 better than the analyst estimate of $0.78. Revenue for the quarter came in at $2.35 billion versus the consensus estimate of $2.42 billion.
“We are progressing on our priorities, which include optimizing our operations for greater simplicity, re-energizing our innovation engine and focusing on cash flow to drive increasing shareholder returns,” said Xerox Vice Chairman and CEO John Visentin.
“Work remains on the priority to drive revenue. Actions are underway to streamline the organizational structure, expand our channel presence, and further differentiate our products and services to provide greater value to customers.”
- Earnings Per Share: GAAP earnings per share (EPS) from continuing operations of 34 cents, down 33 cents year-over-year, driven by an incremental non-cash charge of $95 million associated with the 2017 enactment of the U.S. Tax Act. Adjusted EPS of 85 cents, down 4 cents year-over-year, driven by higher year-over-year tax rate
- Total Revenue: $2,352 million, down 5.8 percent year-over-year or 4.7 percent in constant currency
- Adjusted Operating Margin: 13.1 percent, up 1.0 point year-over-year
- Cash, Cash Equivalents and Restricted Cash: $1,218 million at the end of the third quarter
- Cash Flow: Operating cash flow of $274 million in the third quarter and $725 million year-to-date
- Return to Shareholders: Returned $284 million through share repurchase and $69 million through dividends in the third quarter; the company returned $488 million or 75 percent of its free cash flow to shareholders during the first three quarters of the year
For earnings history and earnings-related data on Xerox Corp. (XRX) click here.