Reuters: Technology News: Xerox first-quarter profit beats view, warns on second-quarter

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Xerox first-quarter profit beats view, warns on second-quarter Apr 23rd 2013, 11:46 Tweet Share this Email Print Related News Stock futures edge higher as technology earnings help Nasdaq 7:46am EDT GE trims profit outlook on Europe weakness; stock slumps Fri, Apr 19 2013 CORRECTED-UPDATE 2-GE revenue beats expectations, calming nerves Fri, Apr 19 2013 IBM misses estimates, blames weak sales and weaker yen Thu, Apr 18 2013 Microsoft CFO to leave; profit, shares rise Thu, Apr 18 2013 Analysis & Opinion Emerging earnings: a lot of misses Related Topics Investing and Taxes Simplified » Tech » A generic picture of a Xerox logo on a photocopier. Credit: Reuters/Catherine Benson Tue Apr 23, 2013 7:46am EDT (Reuters) - Xerox Corp on Tuesday reported first-quarter earnings that beat expectations but said second-quarter profit would miss estimates as it restructures to become a broader technology company. Adjusted earnings were 27 cents per share, compared with the average analyst estimate of 24 cents. Revenue fell 3 percent to $5.4 billion, below analyst expectations of $5.5 billion. Xerox said earnings were higher than expected due to a benefit of 2 cents after reducing its reserve for recent litigation. It did not elaborate. For the second quarter, Xerox, which has its roots in copiers and printers and now focuses on services like managing toll systems and healthcare programs, forecast earnings, excluding items, in the range of 23 cents to 25 cents per share. Wall Street is looking for 26 cents per share, according to Thomson Reuters I/B/E/S. Xerox, which kicked off a restructuring in the last quarter of 2012 to focus on its services business, plans to quicken the pace of the plan and included 2 cents in restructuring charges in its second-quarter outlook. It said it was on track to reach its full-year target of 2013 adjusted EPS of $1.09 to $1.15 and to generate operating cash flow of $2.1 billion to $2.4 billion. (Reporting by Nicola Leske; Editing by Jeffrey Benkoe) Investing and Taxes Simplified Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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