Xerox Corp. (NYSE: XRX) reported Q1 EPS of $0.21, $0.17 worse than the analyst estimate of $0.38. Revenue for the quarter came in at $1.86 billion versus the consensus estimate of $1.72 billion.

Financial Results

• $173 million of operating cash flow from continuing operations, down $49 million year-over-year, and $150 million of free cash flow, down $57 million year-over-year
• Adjusted operating margin of 4.7 percent, down 630 basis points year-over-year
• $1.86 billion of revenue, a decrease of 14.7 percent year-over-year or 13.9 percent in constant currency
• GAAP loss from continuing operations of $(0.03) per share, down $0.37 year-over-year, and adjusted earnings per share (EPS) of $0.21, down $0.45 year-over-year
• Withdraws 2020 financial guidance due to economic uncertainty caused by COVID-19

“During this unprecedented time, we are committed to doing everything in our power to protect our employees, customers, partners and society, because we all have a critical role to play battling the COVID-19 pandemic,” said Xerox Vice Chairman and CEO John Visentin. “While Xerox saw an immediate impact to our business due to the rapid implementation of lockdown measures globally, the disciplined approach we implemented over the last two years provided a foundation to move quickly to preserve cash, continue operations, provide support to our many clients on the frontlines, and apply our manufacturing and R&D expertise to help save lives. I’m incredibly proud of the Xerox team’s dedication and ingenuity during this extraordinary time.”

2020 Guidance

The company is withdrawing its 2020 financial guidance for revenue, adjusted operating margin, EPS and free cash flow due to the high level of economic uncertainty and disruption caused by COVID-19.

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