Xerox profits exceed expectations

Xerox's earnings for the fourth quarter of last year were better than expected, the printer manufacturer has announced.

The international printer and office supplies firm attributed its 'operating cash flow' of $967 million (£599.76 million) to a 'disciplined approach to generating cash'.

Although total revenue was down 3% on last year to total $4.2 billion, the company had expected the recession to lead to a much more dramatic fall. However, in light of the figures, the gloomy predictions seem to have been unfounded.

Ursula Burns, chief executive of Xerox, said: "We delivered a strong close to a difficult year, with solid operational results that reflect our disciplined approach to generating cash and reducing costs. However, we believe revenue will continue to be under pressure until there is a more sustainable economic recovery."

Ms Burns was recently named one of the top African-American executives in America.

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