Posted at: 01/24/2013 9:30 AM
By: Rochester Business Journal
Growth from the services side of the business boosted Xerox Corp.'s fourth-quarter earnings, its chief executive said Thursday morning.
Xerox reported net income of $335 million, or 26 cents a diluted share, down from a profit of $375 million, or 26 cents s diluted share, a year ago. The most recent quarter's adjusted earnings were 30 cents a share and included 5 cents of restructuring charges. The adjusted earnings per share excludes 4 cents related to special items.
Sales were $5.92 billion, down a percent from $5.96 billion a year ago.
Analysts polled by Thomson Reuters expected fourth-quarter earnings per share of 29 cents on sales of $5.88 billion.
"Strong growth in services and the consistent profitability of our document technology business generated significant operating cash flow and contributed to fourth-quarter earnings that met our expectations," said Ursula Burns, Xerox chairman and CEO, in a statement.
For the year, Xerox reported net income of $1.2 billion, or 88 cents s share, versus net income of $1.3 billion, or 90 cents a share, a year ago. Sales were $22.4 billion, down a percent from sales of $22.6 billion. The company reported adjusted earnings of $1.03
Analysts had expected earnings per share of $1.03 on sales of $22.35 billion.
For first quarter 2013, Xerox expects earnings of 19 to 21 cents a share and adjusted earnings per share of 23 to 25 cents a share. The company reiterated its full-year guidance of earnings per share of 94 cents to $1, and adjusted earnings per share of $1.09 to $1.15.