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Xerox Reports Second-Quarter 2013 Earnings

Xerox (NYSE: XRX) announced today second-quarter 2013 adjusted EPS of 27 cents, which excludes 4 cents related to the amortization of intangibles. GAAP EPS from continuing operations was 23 cents. Revenue was $5.4 billion, up 1 percent.

Revenue from the company’s services business was up 5 percent, which includes 4 percent growth from business process outsourcing, 6 percent growth in document outsourcing and 13 percent growth from IT outsourcing. Services revenue represents 55 percent of Xerox’s total revenue.

“Through the breadth of our outsourcing services and innovative technology, today’s Xerox simplifies the way work gets done for organizations around the world,” said Ursula Burns, Xerox chairman and chief executive officer. “Our clients are increasingly expanding their partnerships with us to improve the effectiveness of their operations. As a result, the total contract value of services signings was up 40 percent in the second quarter, our pipeline grew 10 percent and our BPO and ITO contract renewal rate was 95 percent – strong indicators of a sound strategy that fuels the success of our business for the long term.”

Revenue from the company’s document technology business was down 5 percent year over year and improved sequentially from the first quarter of this year. The company benefitted from the full rollout of its ConnectKeyTM platform of printers and multifunction devices, expanded distribution through channel partners and increased demand for its digital production presses. During the quarter, Xerox signed and began installing its largest order ever for high-speed color presses, strengthening the company’s market leadership. Document technology revenue represents 42 percent of total revenue.

Second-quarter operating margin of 9.4 percent was up 2.0 points sequentially, down 0.5 points year over year. Gross margin was 31.4 percent. Selling, administrative and general expenses were 19.3 percent of revenue.

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