Xerox’s quarterly revenue falls 4.4 percent

Exclusive: New York Fed asks Philippines to recover Bangladesh money
July 28, 2016
Google meets Italy’s demands on data use practices
July 29, 2016
This post was originally published on this site
The logo of Xerox company is seen on a building in Minsk, Belarus, March 21, 2016.  REUTERS/Vasily Fedosenko
The logo of Xerox company is seen on a building in Minsk, Belarus, March 21, 2016.

Reuters/Vasily Fedosenko

Xerox Corp reported a higher-than-expected quarterly profit as the printer and copier maker recorded lower restructuring charges.

The company, which is splitting into two to separate its printer and business process outsourcing businesses, took $71 million in restructuring and related charges in the second quarter, less than the $100 million it estimated in April.

The company also cut its estimate for one-time pretax separation costs to $175 million-$200 million from $200 million-$250 million.

Xerox left its full-year estimate for restructuring and related charges unchanged at about $300 million and said it was on track to meet its annualized cost savings target of about $700 million.

The company had taken $157 million in restructuring charges in the year-earlier quarter.

Xerox also said on Friday that it cut about 1,300 jobs globally in the quarter ended June 30.

Net income from continuing operations rose about 45 percent to $155 million, or 15 cents per share.

Excluding items, Xerox earned 30 cents per share, beating the average analyst estimate of 25 cents, according to Thomson Reuters I/B/E/S.

Revenue fell 4.5 percent to $4.39 billion, in line with the average estimate.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Kirti Pandey)