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Xerox releases first-quarter earnings report

Emily Hunt
/
for WXXI News

Along with all of the changes and controversy surrounding its management structure this week, Xerox is also reporting first-quarter earnings. They were released Wednesday night, but the company is not holding the usual conference call about the report with investors.

For the quarter, the company saw $23 million in net profits, down from $40 million a year ago. The adjusted earnings per share of 68 cents missed the average estimate from Wall Street analysts.

Revenues totaled $2.4 billion, about even with the sales of a year ago, but they came in a little better than analysts had estimated.

Quarterly earnings from continuing operations were down from last year, partly due to a restructuring charge the company was dealing with in connection with its Fuji Xerox joint venture.

The company saw mixed results in the sales of equipment, but saw continued growth in management document services.

Xerox is not providing a forecast for 2018 due to the pending changes involving the board of directors under a settlement agreement with activist shareholders Carl Icahn and Darwin Deason, but says outside of the recent events, it would have reaffirmed its financial guidance numbers for the full year on revenues and adjusted earnings.

Worldwide, the company saw about 400 jobs cut in the first quarter, but locally, employment remained stable, with about 3,300 people working in the Rochester area.

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.