InfoAnda - Xerox Shares Jump On Q1 Results, Strong Forecast

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Home U.S. World Entertainment Sports Business Health Science Technology Politics Offbeat Environment Travel News Articles Xerox Shares Jump On Q1 Results, Strong Forecast Email Facebook Digg Twitter Buzz Up! ShareThis April 23, 2010 5:46 p.m. EST Topics: company information, quarterly or semiannual financial statement, economy, business and finance, United States Mitchell Jaworski - AHN News Reporter Norwalk, CT, United States (AHN) - Shares of Xerox jumped 8.3 percent on Friday after the company posted better than expected first quarter earnings and boosted its second quarter guidance above analyst estimates. The maker of copiers and printers said it lost $42 million or 4 cents a share in the first quarter, compared to a profit of $42 million or 5 cents a share a year ago. Xerox said excluding one-time costs for restructuring related to its acquisition of ACS, profit totaled 18 cents a share, topping estimates for 13 cents a share. Sales in the first quarter jumped 32 percent to $4.72 billion, from $3.55 billion in the same period a year ago. The addition of ACS helped bump sales, excluding that benefit revenue rose 5 percent in the period. “We started the year strong with the successful acquisition of ACS and solid performance in revenue, operational improvements and cash generation,” said Ursula Burns, Xerox chief executive officer. Xerox, which has been diligently working down expenses in recent quarters, reported a 1.5 percent increase in operating margin for the first quarter. Selling, general and administration expenses represented 23.3 percent of revenue. The company boosted its second quarter profit target to a range of 20 to 22 cents a share, above the 18 cents a share expected by analysts. Shares of Xerox closed Friday’s session at $11.32, up 8.3 percent, their best advance in about nine months. Copyright © 2003 - 2010 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Most Popular Stories White Supremacist Sentenced In Plot To Kill Obama, Blacks Draft Proposal On Whaling Limits Not Likely To Satisfy Critics Sandra Bullock To Divorce Jesse James With “Master Plan” Poll: Most Americans Confused About Health Care Bill Tiger Woods Mistress No. 1 Pitching Reality Show Idea UK Issues Bangkok Travel Warning Despite Throwing Concerns, Broncos Draft Quarterback Tebow British IT Expert Warns Canada That New ePassport Is Easy To Hack Passengers Battered When Carnival Cruise Ship Tips Recent Posts Most Popular Comments Recent Comments Popular Threads Home | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat Follow AHN on Twitter AHN Social News connects you with friends and the news Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services © 2010 AHN All Rights Reserved

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