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Xerox Guides in Line

First-quarter earnings top estimates.
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(XRX) - Get Xerox Holdings Corporation Report

reported stronger-than-expected first-quarter earnings Friday, saying its focus on expanding its services business, broadening distribution and increasing its color offerings paid off.

The Stamford, Conn., copier and printer maker earned 24 cents a share in the quarter, including a charge of 2 cents. Analysts surveyed by Thomson Financial were looking for 20 cents.

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Revenue of $3.8 billion grew 4% and met Wall Street's estimates.

"Our results in the first quarter show that the strategy is working," Xerox said. "We delivered solid activity gains, grew color revenue and signed big deals for Xerox's document management services, all of which contribute to steady annuity growth."

Xerox expects second-quarter earnings in the range of 26 cents to 28 cents a share, in line with the 27-cent consensus target.

Shares of Xerox were up 2.3% in premarket trading.