Xerox Reports Surprising Operating Profit

Xerox Corp.

Excluding restructuring charges and currency effects, the Stamford, Conn.-based company posted a profit of 15 cents per share. The consensus forecast of 10 analysts surveyed by Thomson Financial/First Call was a loss of 1 cent per share, with estimates ranging from a loss of 6 cents to a profit of 6 cents.

Xerox reported a net loss of $4 million, or 1 cent a share, compared with a loss of $20 million, or 4 cents a share, a year earlier.

Fourth-quarter revenue was $4.3 billion, down 13 percent from $4.9 billion a year earlier.

Xerox Chief Executive Anne Mulcahy said in a statement that recent decisions to exit certain businesses and cut costs "resulted in the strong performance delivered in the fourth quarter, including increased gross margins ... reduction of inventory to historically low levels, and improved receivables."

id
unit-1659132512259
type
Sponsored post

She added, "The outcome is a return to operational profitability, representative of the new Xerox that is emerging from our successful turnaround."

Copyright 2000 Reuters Limited. All rights reserved.

Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters.

Reuters shall be not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.