Related News
Xerox Corp hits profit forecast
Source: Agencies |
April 25, 2009, Saturday
|
Print Edition
Print Edition
XEROX Corp posted a profit in the first quarter that met its revised guidance, which the company slashed last month due to restructuring costs and declining technology spending.
Xerox also predicted its profit in the second quarter would be short of Wall Street estimates.
The printer and copier maker said yesterday that for the first quarter it earned US$42 million, or 5 US cents per share. This compares with a loss of US$244 million, or 27 US cents per share, a year ago. In that quarter, a hefty litigation charge led to the large loss.
The profit is a penny higher than expected by analysts polled by Thomson Reuters.
Revenue fell 18 percent to US$3.55 billion from US$4.34 billion. Analysts expected US$3.54 billion on average.
Xerox said the economy has resulted in businesses delaying their purchasing decisions, and its distributors are keeping lower levels of inventory.
The company reported equipment sales fell 30 percent to US$770 million. So-called "post-sale revenue," which includes the sale of ink and other supplies to companies that already own or lease Xerox machines, fell 14 percent to US$2.78 billion.
Xerox Chief Executive Anne Mulcahy said the rate at which enterprise technology spending fell sped up during the quarter.
Mulcahy said the company is concentrating on managing costs, generating cash and shoring up its market position with innovation and services.
"We're making progress in all three of these areas and expect the flow-through from our actions to mitigate further economic challenges," she said.
Xerox also predicted its profit in the second quarter would be short of Wall Street estimates.
The printer and copier maker said yesterday that for the first quarter it earned US$42 million, or 5 US cents per share. This compares with a loss of US$244 million, or 27 US cents per share, a year ago. In that quarter, a hefty litigation charge led to the large loss.
The profit is a penny higher than expected by analysts polled by Thomson Reuters.
Revenue fell 18 percent to US$3.55 billion from US$4.34 billion. Analysts expected US$3.54 billion on average.
Xerox said the economy has resulted in businesses delaying their purchasing decisions, and its distributors are keeping lower levels of inventory.
The company reported equipment sales fell 30 percent to US$770 million. So-called "post-sale revenue," which includes the sale of ink and other supplies to companies that already own or lease Xerox machines, fell 14 percent to US$2.78 billion.
Xerox Chief Executive Anne Mulcahy said the rate at which enterprise technology spending fell sped up during the quarter.
Mulcahy said the company is concentrating on managing costs, generating cash and shoring up its market position with innovation and services.
"We're making progress in all three of these areas and expect the flow-through from our actions to mitigate further economic challenges," she said.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
