Latest Quarter: Xerox Earnings Meet Expectations, Sales A Little Weaker Than Expected
Xerox is out with a fourth quarter earnings report that saw the company meet Wall Street's expectations for earnings per share, but revenues were a little weaker than expected.
The company saw profits of 29 cents a share, earning $306 million for the quarter. That was down nine percent from last year at this time. Revenues of just over $5.5 billion were down a little over three percent from a year ago.
The company says that its business services activity was flat compared to a year ago, and sales of document technology, basically equipment sales, were down six percent. That is a trend that has been ongoing as Xerox's strategy moves more and more toward providing business services.
CEO Ursula Burns says that looking ahead, the company is focused on "evolving our portfolio and implementing our cost initiatives to improve both revenue and margins." A Xerox spokesperson tells WXXI News while they continue to keep an eye on costs, there is no word of any major new restructuring plan. Restructuring costs are one reason the profits for the last quarter were lower than a year ago.
Xerox also announced on Friday that it will increase its dividend by 8.7 percent to 6 and a quarter cents per share.