Burns Says Results Prove Xerox is on Track

Xerox has revealed its financial results for the first quarter of 2016 (Q1 2016), with highlights including:

• Total revenue of $4.3 billion, fell 4% or 3% in constant currency.
• Services business revenue of $2.5 billion, up 1% or 2% in constant currency.
• Document Technology revenue of $1.6 billion, declined 10% or 9% at constant currency
• Operating margin of 7.2%, seasonally lower
• Adjusted earnings per share (EPS) in Q1 of 22 cents. The adjusted EPS excludes after-tax costs of $197 million or 19 cents per share.

Ursula Burns, Xerox chairman and chief executive officer, said: “We delivered adjusted EPS in line with our guidance, revenue growth in both the Document Outsourcing and BPO businesses of our Services segment, and a strong renewal rate in Services. Document Technology revenue declines remained in line with last quarter and continue to be pressured by weak developing markets economies. We have accelerated our cost reduction efforts across the company and expect to begin realizing the benefits in the second quarter.”

The company also confirmed the progress of its strategic transformation and claimed that it remains on track to complete the planned separation into two independent companies by the end of the year.

For detailed information, please visit: http://news.xerox.com/

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