posted a first-quarter loss due to a litigation charge. Excluding the charge, however, the company beat analyst estimates by 5 cents.
Including the litigation charge, the company had a loss of $65 million, or 10 cents a share, compared with a loss of $114 million, or 16 cents a share, in the prior-year period. The charge was $183 million, or 25 cents a share, and involved the company's pension plan.
Excluding the charge, the company's operating profit was $118 million, or 13 cents a share. Analysts were expecting 8 cents a share. Xerox cited cost cutting and better equipment sales.
Revenue fell 3% to $3.75 billion from $3.85 billion a year ago. Xerox said declines in its developing markets business and light lens products contributed to the decrease. The company said, though, that its technology in the production-color and office-color markets continued to yield strong revenue results with total color revenue up 16%. Equipment sales also increased 3%.
Shares of the Stamford, Conn.-based company added 8% to $9.95.