Xerox Corp. said Monday it had a loss of $34 million, or 4 cents a share, in the third quarter, after earnings of $266 million, or 23 cents a share, in the year-earlier period. Excluding special charges, adjusted per-share earnings came to 24 cents, ahead of the FactSet consensus of 23 cents. Revenue fell to $4.3 billion from $4.8 billion, below the FactSet consensus for $4.5 billion. The company said its board has approved a review of its business portfolio and capital allocation options. "Although we already have taken steps to accelerate cost reductions and prioritize investments to drive improved productivity and higher margins, our board determined that undertaking a comprehensive review of structural options for the company's portfolio is the right decision at this time," Chief Executive Ursula Burns said in a statement. Xerox is now expecting fourth-quarter adjusted EPS of 28 cents to 30 cents, surrounding the FactSet consensus of 29 cents. Shares rose 1.7% in premarket trade, but are down 25% in the year so far, while the S&P 500 has gained 0.8%.
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