Xerox Profit Tops Estimates, But Revenue Falls Short

Xerox Corp. said Friday it had net income of $156 million, or 13 cents a share, in the fourth quarter, down from $306 million, or 24 cents a share, in the year-earlier period. Adjusted per-share earnings came to 31 cents a share, ahead of the FactSet consensus of 29 cents. The printing equipment maker said revenue fell 3% to $5.03 billion, below the FactSet consensus of $5.108 billion. The company said the figures reflect the pending sale of its ITO business to Atos. The company now expects first-quarter EPS of 16 cents to 18 cents, or adjusted EPS of 20 cents to 22 cents, compared with the FactSet consensus of 25 cents. Xerox raised its quarterly dividend by 12% to 7 cents a share, payable on April 30, 2015. Shares were down 2% in premarket trade, and are up 5.9% in the last three months, outperforming the S&P 500, which is up just 1.3%.