Xerox ( XRX) said its adjusted earnings for the latest quarter exceeded analysts' estimates, but net profits declined 24% after factoring in all items.

The printer and copier maker earned 38 cents a share before items, topping the consensus expectation by a penny. Counting all items, Xerox earned $214 million, or 22 cents a share, in the fourth quarter, down from $282 million and 27 cents a share a year ago.

Total revenue of $4.38 billion was up 3% from last year.

Looking ahead, Xerox expects first-quarter earnings of 21 cents to 23 cents a share, in line with the 22-cent consensus.

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