With operations in more than 180 countries, Xerox Corporation (XRX - Free Report) is a leader in the development, manufacture, marketing, servicing and financing of document equipment globally. Headquartered in Norwalk, CT, this century-old firm has helped organizations transform the way they manage their business processes and information.
XRX has beaten earnings estimates once in the last four quarters, making for an average positive surprise of 3.44%. However, quite like its peers in the document industry, XRX is increasingly grappling with decreased demand for paper-related systems and products. With rising competition gradually weighing on margins, investors have been eagerly waiting for the company’s latest earnings report.
Currently, XRX has a Zacks Rank #3 (Hold), but that could definitely change following its second-quarter 2017 earnings report which was just released.
We have highlighted some of the key stats from this just-revealed announcement below:
Earnings: XRX beats earnings. The company reported adjusted EPS of 87 cents per share, which beat the Zacks Consensus Estimate of 84 cents.
Revenues: Revenues missed. XRX posted revenues of $2,567 million, which missed the Zacks Consensus Estimate of $2,597million.
Key Stats: Xerox narrowed its full-year 2017 guidance, reflecting its one-for-four reverse stock split on Jun 14, 2017. It currently expects GAAP earnings in the range $1.84 to $2.08 per share and adjusted EPS in the range $3.20 to $3.44. The company continues to expect cash flow to be around $700 - $900 million, while free cash flow is likely to be in the range $525 - $725 million in 2017.
Stock Price: XRX’s shares were inactive following the release. It would be interesting to see how the market reacts to the results during the trading session today.
Check back later for our full write up on this XRX earnings report later!
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