Shares of copier giant
jumped after the company affirmed its fourth-quarter earnings outlook and said it anticipates accelerated cost-cutting measures in fiscal 2003.
Fourth-quarter earnings are targeted at 3 cents a share, in line with analysts' estimates, and full-year earnings are expected to be 50 to 55 cents a share, compared with analysts' estimates of 52 cents a share.
The company said it expects annual revenue growth of 5% and gross margins above 40% by the end of 2005. Xerox also plans to reduce its debt load by $3 billion by the end of the third quarter.
"We are feeling very bullish about our future," Xerox said at its annual investor conference. "Now that we've implemented successfully a business model that delivers sustainable profitability, we are focused on delivering growth and share."
The shares have more than doubled since hitting a 52-week low of $4.20 on Oct. 10. The stock ended up 30 cents, or 3.7%, at $8.50.