Xerox Beats Profit Expectations, But Revenue Falls a Bit Short

Xerox Corp. reported Tuesday a second-quarter profit that rose to $166 million, or 63 cents a share, from $158 million, or 60 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 87 cents, beating the FactSet consensus of 80 cents. Revenue fell to $2.57 billion from $2.79 billion, just shy of the FactSet consensus of $2.62 billion, as post-sale revenue accounted for 79% of total revenue. For 2017, Xerox expects adjusted EPS of $3.20 to $3.44, surrounding the FactSet consensus of $3.32. The stock, which was still inactive in premarket trade, has soared 33% year to date, while the S&P 500 has gained 10%.