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Xerox Officials Talk About The Shift To Services

(WXXI News & Wall St. Journal) Xerox officials updated Wall Street analysts Tuesday at their annual investor conference held at the New York Stock Exchange.

CEO Ursula Burns talked about the company's ongoing shift to become a more services based company and she says in the next couple of years, services will make up two-thirds of the company's revenues.

"We are improving our services performance with new talent, a new operating model, and a focus on operational excellence. All aiming to improve services revenue growth and margins.”

But Burns also says Xerox is not ignoring the equipment side of the business and she says Xerox continues to create market leading technology.

Xerox Tuesday said earnings for next year will fall short of Wall Street's expectations.

Ahead of its annual investor conference, Xerox said it expects 2015 adjusted per-share earnings of $1.11 to $1.17, below the $1.18 forecast from analysts polled by Thomson Reuters. The estimate includes a six-cent impact from higher pension-settlement expense.

Xerox anticipates spending $500 million on acquisitions and $1.5 billion on its share-repurchase plan in 2015.

Xerox also reaffirmed its earnings guidance for 2014.

Randy Gorbman is WXXI's director of news and public affairs. Randy manages the day-to-day operations of WXXI News on radio, television, and online.