Xerox Releases Q1 Financial Report

Xerox has released financial report for the first quarter of 2015. Total revenue of $4.5 billion was down 6% or 2% in constant currency. Operation margin of 7.6% was down 1.1% points from the same quarter a year ago.

Revenue from the company’s Services business, which represented 56 percent of total revenue, was $2.5 billion, down 3 percent or up 1 percent in constant currency.

For Document Technology business, Revenue was $1.8 billion, down 10% or 6% in constant currency. Document Technology margin was 11.1 percent, down 1.1% due to increased pension expense, as expected. See below the detailed peformance of the sgement:

According to Ursula M. Burns, “Relative to our performance in the fourth quarter, we saw some moderation of equipment revenue declines at constant currency as we began to see some benefits from the second half 2014 new product launches. Offsetting this were modestly-worse Annuity revenue declines driven by supplies revenue declines in the Entry segment. Looking at Entry, it continues to be impacted by economic weakness and uncertainty in developing markets, especially Eurasia and Brazil. We anticipate some improvement in the rate of declines as benefit from new products grow but, overall, we continue to expect economic headwinds to weigh on Entry. Mid-range mono and color activity were relatively flat year-over-year and overall mid-range results showed improvement. High-end continues to show good Annuity revenue performance, although equipment was weaker in the quarter driven by the timing of new product launches as well as a couple of deals slipping into the second quarter.”

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