Xerox is reporting second quarter earnings that beat Wall Street expectations.
Although Xerox's net income of $266 million was down $5 million from the same quarter last year, earnings per share of 27 cents beat Wall Street estimates by a penny. Sales were relatively flat, down about two percent overall.
Xerox spokesman Ken Ericson says the company is generally pleased with some of the trends it is seeing.
"We've got a strong cash flow in this quarter, we showed a return to growth in services and that shows that business is well positioned for sustained improvement and we saw good profitability in the document technology segment as well.”
At Brighton Securities, George Conboy gives Xerox pretty good marks for the quarter.
"Well, let's face it, Xerox has made a transition from being an old line Rochester technology company to still being healthy and profitable. Kodak didn't make that leap, and in that context, two thumbs up for Xerox.”
In terms of employment, Xerox's worldwide workforce has declined by 700 over the last six months, but in Monroe County, it was up around 150 over the last quarter. Xerox now employs about 6700 people locally.
