Xerox Posts a Profit Beat
NEW YORK (TheStreet) -- Copying technology and services supplier Xerox (XRX) posted third-quarter 2011 earnings a penny over analysts' estimates.
The company reported adjusted earnings of 26 cents a share, compared to 22 cents in the year-ago period. Revenue for the quarter was $5.58 billion, up 3% from $5.43 billion in the year-ago period.
Analysts were expecting the company to report earnings of 25 cents a share on revenue of $5.59 billion.
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According to the company's press release, adjusted EPS excludes 4 cents related to the amortization of intangibles, resulting in GAAP EPS of 22 cents a share. Reported earnings for the third quarter a year ago were 17 cents. The company noted that sales from printing technology were up only 1% from the year-ago period, while revenue for services was up 6%. The company pointed to a 33% increase in contracts for services as a sign of future growth. In the press release, CEO Ursula Burns noted, "Supply constraints due to the natural disaster in Japan have eased considerably. As we continue to meet new demand, all while reducing our backlog, we're confident these challenges are entirely behind us." -- Written by Carlton Wilkinson.Select the service that is right for you!
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