Xerox is reporting 2nd quarter earnings that did see a net loss of $61 million, but after certain one-time charges were factored in, saw the adjusted earnings per share of $0.44 beat analysts’ forecasts.
Revenues of $1.75 billion were basically flat compared to last year.
CEO Steve Bandrowczak said that over the last 12 months the company “has taken significant steps to strengthen its operating and financial discipline, leading to another quarter of profitable growth.”
Xerox said that looking ahead, it expects total revenues for 2023 to be flat or down in the low single digits.
The company did raise its 2023 guidance for operating margins and free cash flow, and Xerox attributed that to “operating efficiencies and revenue mix.”
At Brighton Securities, Chairman George Conboy said that Xerox has a “mature business,” and he said it’s likely investors are not expecting a lot of growth.
But Conboy said that it is a business that is generating cash “and company management seems inclined to send that cash out to shareholders.”
