Xerox is reporting its first quarter earnings and sales.
The company saw profits of $133 million, and earnings came in better than Wall Street expected. After certain one-time items are excluded, the company earned .91 per share.
The company also raised its profit expectations for the upcoming year.
But sales, of $2.2 billion fell a little short of what analysts were looking for. Sales overall were down 9.4 percent, or 7 percent without currency fluctuations.
At Brighton Securities, George Conboy says the new management that took over at Xerox last year has done a great job on the cost side of the business, but now they need to do something about revenues.
“On the profit side, a very bright picture. Xerox is making more money and expects to make more money over the coming year, so that’s the good news. The bad news is sales were down nearly 10 percent,” Conboy said.
Xerox says that during the first quarter, employment worldwide was cut by about 150 people.
Xerox Vice Chairman and CEO John Visentin said that, “transformation initiatives are yielding results, which give us confidence to raise our full-year earnings guidance despite revenue declines. We are investing in our core business as well as new technologies that create value for our stakeholders and position us for long-term growth.”
