Conduent, the company that was spun off from Xerox and which focuses on business services, has released fourth-quarter and full-year earnings.
Those full-year results represent operations while Conduent was still part of Xerox Corp.
For the fourth quarter, the company saw a net loss of $951 million and revenues of $1.5 billion. For the fiscal year overall, the loss was $983 million, and revenues came in at $6.4 billion.
Conduent CEO Ashok Vemuri says last year the company was focused on executing a successful separation from Xerox to become a stand-alone public company.
The company recorded a $935 million non-cash goodwill impairment charge, which is attributed mainly to weaker than expected commercial sector revenues and operating profits.
Conduent is also in discussions with New York state regarding a health enterprise project, which the company says it will likely not fully implement, and that will result in a charge of about $161 million in its numbers for the fourth quarter of 2016.
Vemuri says that as Conduent moves into 2017, it has a near-term focus of strengthening client relationships, completing the build-out of its management structure and “continuing the success of our strategic transformation program in reaching our margin expansion goals.”
