Economy
8:13 am
Thu July 25, 2013

Xerox Beats Some Expectations In Latest Quarterly Report

Credit Xerox

Xerox is reporting second quarter earnings that exceeded some Wall Street expectations.

The company earned $271 million in its second quarter, down about 12 percent from this time last year. Earnings per share were impacted by certain one-time charges, but earnings from continuing operations of 27 cents a share, three cents better than analysts had estimated.

The company’s earnings fell on losses from the paper distribution business it is selling.

Xerox’s revenues totaled about $5.4 billion, slightly higher than last year at this time. The company continues to see growth from the sale of business services, which now make up just over half of the overall revenues. The sale of equipment was down five percent compared to this time last year, but Xerox officials say they have had some wins in terms of new printers and multifunction devices.

Xerox did not announce any new, major restructuring plans, but did say in the latest report  that during the second quarter it implemented around 1300 layoffs, mostly in North America. A spokesperson tells WXXI News it does not appear Rochester was impacted in any major way by those layoffs. But the company says it continues to keep a tight lid on costs.