S&P 500 (NYSE:SPY) component Xerox Corporation (NYSE:XRX) swung to a profit in the first quarter, but still came up short of analyst expectations. Xerox Corporation, in the global document market, develops, manufactures, markets, services and finances document equipment, software, solutions and services.
Xerox Earnings Cheat Sheet for the First Quarter
Results: Swung to a profit of $289 million (19 cents/diluted share) in the quarter. The Xerox Corporation had a net loss of $42 million or a loss 4 cents per share in the year earlier quarter.
Revenue: Rose 20.2% to $5.46 billion YoY.
Actual vs. Wall St. Expectations: XRX (NYSE:XRX) fell short of the mean analyst estimate of 22 cents/share. Estimates ranged from 21 cents per share to 24 cents per share.
Quoting Management: “Our results in the quarter reflect solid progress in scaling our services business while maintaining our leadership in document technology,” said Ursula Burns, chairman and chief executive officer, Xerox Corporation. “Steady revenue growth and our continued sharp focus on operational improvements resulted in a 28 percent increase in adjusted earnings. It’s a good start to the year.”
Key Stats: The company has enjoyed double-digit year-over-year revenue growth for the past five quarters. Over that span, the company has averaged growth of 38.6%, with the biggest boost coming in the third quarter of the last fiscal year when revenue rose 50.6% from the year earlier 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), IBM (NYSE:IBM), Hewlett-Packard Company (NYSE:HPQ), and Ricoh Co. Ltd. (RICO).
Today’s Performance: Shares of XRX (NYSE:XRX) are trading at $10.85 as of April 21, 2011 at 8:22 AM ET, unchanged from the previous close.