Xerox Beats Again

After a strong third quarter, the company guides lower for the quarter and year.
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Xerox

(XRX) - Get Report

Thursday reported another strong quarterly performance, easily beating analysts' expectations, as its turnaround continued.

The office-machine maker had a third-quarter profit of $163 million, or 17 cents a share, up 22% from $117 million, or 11 cents a share, a year ago. Analysts expected 14 cents a share, according to Thomson First Call.

Revenue slipped to $3.72 billion from $3.73 billion. Equipment sales grew 5% in the third quarter, including a currency benefit of 2 percentage points. Revenue from color products grew 18%.

The company said it expects EPS of 20 cents to 22 cents in the fourth quarter and 83 cents to 85 cents for the full year. The consensus estimates are for 24 cents and 84 cents a share, respectively.

In the second quarter, the company earned $208 million, or 21 cents a share, vs. $86 million, or 10 cents a share, in the year-ago period. The consensus estimate was for 17 cents a share.

Shares closed at $14.54 Wednesday.