S&P 500 (NYSE:SPY) component Xerox Corporation (NYSE:XRX) reported net income above Wall Street’s expectations for the second quarter. Xerox Corporation, in the global document market, develops, manufactures, markets, services and finances document equipment, software, solutions and services.
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Xerox Earnings Cheat Sheet for the Second Quarter
Results: Net income for the business equipment company rose to $327 million (22 cents per share) vs. $227 million (16 cents per share) in the same quarter a year earlier. This marks a rise of 44.1% from the year earlier quarter.
Revenue: Rose 2% to $5.6 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: XRX reported adjusted net income of 27 cents per share. By that measure, the company beat the mean estimate of 24 cents per share. Analysts were expecting revenue of $5.63 billion.
Quoting Management: “During the second quarter, our disciplined focus on scaling our services business and delivering operational improvements helped to increase bottom-line results and generate operating cash, positioning us well to increase our earnings expectations for the full-year,” said Ursula Burns, Xerox chairman and chief executive officer.
The company has now topped analyst estimates for the last four quarters. It beat the mark by one cent in the first quarter, by one cent in the fourth quarter of the last fiscal year, and by 2 cents in the third quarter of the last fiscal year.
Revenue has risen the past four quarters. Revenue increased 16.6% to $5.3 billion in the first quarter. The figure rose 43.8% in the fourth quarter of the last fiscal year from the year earlier and climbed 50.6% in the third quarter of the last fiscal year from the year-ago quarter.
Competitors to Watch: Canon Inc. (NYSE:CAJ), Pitney Bowes (NYSE:PBI), Staples (NASDAQ:SPLS), Office Depot (NYSE:ODP), OfficeMax (NYSE:OMX), Dell (NASDAQ:DELL), FedEx (NYSE:FDX), IBM (NYSE:IBM), Hewlett-Packard Company (NYSE:HPQ),
(Source: Xignite Financials)