Xerox Sinks on Profit Decline, Lower Forecast
Xerox (NYSE: XRX) shares slipped about 2.5% in morning trading, following the Connecticut-based document management company’s second-quarter report. Xerox said its quarterly earnings declined 3.1% to $309 million, from $319 million in the year-ago quarter. Its earnings per share (EPS)…
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Xerox said its quarterly earnings declined 3.1% to $309 million, from $319 million in the year-ago quarter. Its earnings per share (EPS) came in at $0.22. Shares outstanding dropped 2.3% to 1.31 billion. Adjusted earnings came to $0.26 per share, in line with analysts’ estimates.
Revenue fell to $5.54 billion from $5.61 billion in the same period of last year. That also matched the consensus forecast.
The company cut its full-year profit forecast to between $1.07 and $1.12 per share, citing the economic slump in Europe that has crimped demand for technology. Printer-maker Lexmark International Inc. (NYSE: LXK) expressed similar concerns about weakness in Europe when it cut its second-quarter sales and profit forecast last week.
Xerox also reiterated plans to buy back as much as $1.1 billion in stock this year.
The stock was just above $7 in morning trading, with a 52-week range of $6.55 to $10.40. Shares are down more than 8% year to date.
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Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.
Beyond 24/7 Wall St., Trey has created and edited financial content for Benzinga and AOL's BloggingStocks, contributing additional hundreds of articles to the investment community.
Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.
Outside of financial journalism, Trey writes fiction and has been an active member of the writing community for years, moderating workshop sessions at regional conventions.
