Xerox saw higher profits and sales in its 4th quarter results released on Thursday, a turnaround from where things stood a year ago.
For the 4th quarter of 2022, Xerox is reporting net income of $121 million compared to a loss of $675 million a year ago. Sales for the 4th quarter were up just over 9% compared to a year ago, totaling $1.94 billion.
Xerox CEO Steve Bandrowczak said that “employees and partners worked hard to deliver the highest level of revenue since the start of the pandemic.” He added that “as macroeconomic uncertainty extends through this year” the company will continue working alongside clients to deploy essential workplace solutions, and to position Xerox for long-term growth in profitability.
Bandrowczak said that “resilient demand and improvements in supply chain conditions” drove solid growth in revenue and profits in the 4th quarter.
Profits and sales in the latest quarter both beat Wall Street estimates. Xerox reported adjusted earnings of 89-cents per share, compared to 34-cents a year ago.
Xerox’s financial release noted that 2022 was a challenging year, having seen an impact from factors such as increasing inflation, higher interest rates, the war in Ukraine and supply chain challenges.
In terms of projections for 2023, the company is expecting revenue that is flat to perhaps down slightly.
