Ursula Burns

Xerox 1Q Profit Slips, But Shares Higher

Xerox (NYSE:XRX) reported on Monday a 4% decline in first-quarter profit and weaker margins as a modest rise in sales couldn't offset growing expenses.

However, the company beat Wall Street expectations and lifted its forecast for the current period, sending its shares 2% higher in morning trade. The Norwalk, CT.-based provider of document solutions and business support reported net income of $276 million, or 19 cents a share, compared with a year-earlier $289 million, or 19 cents.Excluding special items, Xerox earned 23 cents, matching average analyst estimates in a Thomson Reuters poll.Revenue was up 1% to $5.5 billion from $5.4 billion a year ago, beating the Street's view of $5.45 billion. That increase was led by a 10% jump in its services group, as more businesses sought process and document outsourcing, partially offset by a 5% drop in the technology unit, which accounts for sales of printers, copiers and technical service.Installs of Xerox products were up more than 7%.In a stat...

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