Xerox Corp. (NYSE: XRX) reported Q1 EPS of $0.91, $0.13 better than the analyst estimate of $0.78. Revenue for the quarter came in at $2.21 billion versus the consensus estimate of $2.27 billion.

• GAAP earnings per share (EPS) of $0.55, up $0.47 year-over-year, and adjusted EPS of $0.91, up $0.23 year-over-year
• $226 million of operating cash flow, up $10 million year-over-year, and $211 million of free cash flow, up $13 million year-over-year
• Adjusted operating margin of 11.3%, up 140 basis points year-over-year
• $2.2 billion of revenue in the quarter, a decrease of 9.4% year-over-year or 7% percent in constant currency
• Raising 2019 guidance for GAAP EPS to $2.90 to $3.05 and adjusted EPS to $3.80 to $3.95. Prior guidance was $2.60 to $2.70 and $3.70 to $3.80, respectively.

“Our transformation initiatives are yielding results, which give us confidence to raise our full-year earnings guidance despite revenue declines. We are investing in our core business as well as new technologies that create value for our stakeholders and position us for long-term growth,” said Xerox Vice Chairman and CEO John Visentin.

GUIDANCE:

Xerox Corp. sees FY2019 EPS of $3.80-$3.95.

For earnings history and earnings-related data on Xerox Corp. (XRX) click here.