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Xerox posts solid quarterly results
Xerox Corporation has reported a strong second quarter performance with revenues up 48% to $5.5 billion (£3.5 billion).
The company announced operating cash flow of $678 million and adjusted earnings per share of 24 cents, excluding 8 cents from restructuring charges and amortisation of intangibles, as well as acquisition-related and litigation costs.
There was strong demand for Xerox devices across all segments with overall install activity growing 45%. Sales of entry-level printers and multi-function machines rose 56%.
Revenues from technology, consisting of document systems sales, supply, technical servicing and product financing, increased 3-4% on constant currency.
Earnings from services, including business process, IT and document outsourcing, rose 1% on a pro-forma basis.
Ursula Burns, Xerox chairman and chief executive officer, said: "Our second-quarter results reflect strong across-the-board performance in driving revenue growth, generating cash and expanding earnings.
"Through the first half of the year, we've made excellent progress in scaling our services business and strengthening our leadership in the marketplace. We expect this progress will continue, positioning us well to increase our earnings expectations for the full year."
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