Xerox ( XRX) lowered its first-quarter earnings expectations to between 3 cents and 5 cents a share from a previously forecasted range of 16 cents to 20 cents a share citing the "increasingly more challenging global economic environment."

The updated forecast includes a charge of 6 cents a share from the company's share of Fuji Xerox's restructuring and a lower-than-expected profit contribution from Fuji Xerox. The company also said earnings and revenue have been pressured by an industrywide slowdown.

Analysts surveyed by Thomson Reuters expected the company to earn 18 cents a share on revenue of $3.9 billion.

The copier and printer company said total revenue in January and February fell 18%, including a currency impact of five points, largely because of lower sales of equipment and printer-based supplies.

Xerox said it's on track for $250 million in savings throughout this year from restructuring actions, and has identified an additional $300 million in cost and expense reductions.'

The company said it would access the credit markets only on an "opportunistic basis." It has access to a credit line of $2 billion.