Xerox Inc., the known manufacturer of laser printers, copiers and multifunction printing machines, had shared to the public their first quarter revenue earnings report for this year as of April 23. According to the press release, Xerox announced that their first-quarter 2013 adjusted earnings per share of 27 cents, which includes a 2-cent benefit from a reserve reduction related to recent litigation developments.
In the first quarter, Xerox total revenue of $5.4 billion was down 3 percent while the company’s services business was up 4 percent and represents 55 percent of total revenue. It is also stated that the company used $87 million in operating cash during the first quarter, in line with cash flow seasonality and reflecting an increase in inventory related to new product launches.
“We delivered solid revenue growth in our services business along with a stable segment margin and a 64 percent increase in the total contract value of signings to $3.7 billion,” said Ursula Burns, Xerox Chairman and Chief Executive Officer. “While results in our services business align with our growth strategy and our expectations, challenges in our document technology business continued during the first quarter."
“We’re continuing to shift our business model to adapt to market trends by expanding indirect distribution and streamlining our supply chain and product portfolio,” said Burns. “These changes, along with implementing broader operational improvements across the company, will result in increased margins that will help us scale profitable revenue in services while maintaining strong market share in document technology.”
It is also stated that for the second quarter, Xerox expects GAAP earnings of 19 to 21 cents per share and adjusted EPS of 23 to 25 cents per share, planning a higher level of restructuring activities in the second quarter, and included 2 cents of restructuring in its guidance.
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