NEW YORK (TheStreet) -- Xerox (XRX) was falling 3.27% to $11.38 on Friday afternoon after the company reported its fourth-quarter results during the pre-market period on Friday. The stock hit a low of $11.21 for the day as of 2:30 p.m.
Xerox reported adjusted fourth-quarter earnings of 29 cents a share and revenue of $5.6 billion, down from 30 cents a share and $5.9 billion in the same period one year ago; however, those figures aligned with analyst estimates for the most recent quarter. The company also reported income of $306 million, or 24 cents a share, down from $335 million, or 26 cents, year-over-year.
Xerox also forecast guidance for non-GAAP earnings in the first quarter in a range of 23 cents to 25 cents a share, which also fell in line with analyst estimates.
"We managed anticipated headwinds while continuing to build our business by investing in growth markets, such as healthcare and graphic communications, and expanding services internationally," said Chairman and CEO Ursula Burns in a company statement. "Looking ahead, we're focused on evolving our portfolio and implementing our cost initiatives to improve both revenue and margins."
TheStreet Ratings team rates XEROX CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate XEROX CORP (XRX) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, good cash flow from operations, notable return on equity, increase in net income and expanding profit margins. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."