Photocopier maker-cum-digital-document-solutions-provider Xerox (XRX) - Get Report on Tuesday reported second-quarter earnings that beat analysts' forecasts amid ongoing demand for its document imaging and related storage and filing products and services.
Xerox posted second-quarter net income of $181 million, or 77 cents a share, vs. $112 million, or 42 cents a share, in the comparable year-ago period. On an adjusted basis, the company earned 99 cents a share, above the 88 cents a share expected by analysts polled by FactSet.
Revenue was $2.3 billion during the quarter, down from $2.5 billion a year ago though in line with analysts' forecasts.
Looking forward, the company said it was adjusting its full-year revenue guidance down by 6% in constant currency terms though it is maintaining its full-year per-share earnings, adjusted operating margin and free cash flow guidance. Analysts polled by FactSet are currently expecting full-year earnings of $3.89 a share.
The company also said it has completed $300 million of share repurchases so far this year, half of the $600 million total it has slated to buy back for the year.
Shares of Xerox were down 2.48% at $33.07 in early Tuesday trading on the New York Stock Exchange.
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