Xerox Corp. (NYSE: XRX) reported Q3 EPS of $0.48, $0.24 better than the analyst estimate of $0.24. Revenue for the quarter came in at $1.77 billion versus the consensus estimate of $1.6 billion.

Financial Results

• $106 million of operating cash flow from continuing operations, down $242 million year-over-year and up $72 million from the second quarter
• $88 million of free cash flow, down $243 million year-over-year and up $73 million from the second quarter
• Adjusted operating margin of 7.4 percent, down 460 basis points year-over-year and up 320 basis points from the second quarter
• $1.77 billion of revenue, down 18.9 percent year-over-year or 19.7 percent in constant currency and up $302 million from the second quarter
• GAAP earnings per share (EPS) from continuing operations of $0.41 per share, down $0.27 year-over-year and up $0.30 from the second quarter, and adjusted EPS of $0.48, down $0.32 year-over-year and up $0.33 from the second quarter

“The flexibility and financial discipline we have built in our company enabled us to increase earnings and cash flow sequentially. While we can’t reliably predict the ongoing economic impact of the pandemic, we are prepared to respond however events unfold and are committed to delivering positive cash flow and earnings in the fourth quarter. Investments in digital solutions and services are paying off as companies prepare for a more hybrid work experience that shifts seamlessly between the office and home,” said Xerox Vice Chairman and CEO John Visentin.

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