Xerox Stock Jumps After Report

Xerox stock has jumped 5% to $10.97, after reporting a consensus-beating first quarter and providing guidance higher than the average forecast.
Author:
Publish date:


NORWALK, Conn (TheStreet) -- Xerox (XRX) - Get Report stock has jumped 5% to $10.97, after reporting a consensus-beating first quarter and providing guidance higher than the average forecast.

Xerox expects second-quarter adjusted earnings of 20 to 22 cents a share, which is higher than the 18-cent-a-share forecast derived from a survey of analysts by Thomson Reuters, as its acquisition of Affiliated Computer Services (ACS) continues to bring in added revenue.

Xerox is also expecting full-year adjusted earnings at the high-end of the company's previous guidance of 75 to 85 cents a share; roughly in line with the consensus forecast of 81 cents a share.

Xerox posted a loss of $42 million, or 4 cents a share, for the first quarter, compared with earnings of $42 million, or 5 cents a share, the year before; this occurs amid one-off items connected to the ACS acquisition and cost-cutting measures.

Excluding one-off items, Xerox's first-quarter earnings were at 18 cents a share, exceeding the consensus forecast of 13 cents a share. Revenue was at $4.7 billion, up 33% including a 3-point currency benefit, above analysts' $4.65 billion estimate.

-- Reported by Andrea Tse in New York

Follow TheStreet.com on

Twitter

and become a fan on

Facebook.

Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.