Xerox Shares Up as SanDisk Crashes Following Earnings Reports
Xerox Corporation (NYSE:XRX) from reporting a profit boost in the fourth quarter. Net income for the business equipment company rose to $375 million (26 cents per share) vs. $171 million (12 cents per share) in the same quarter a year earlier. This is a more than twofold rise from the year earlier quarter. Revenue fell 0.2% to $5.96 billion from the year earlier quarter. XRX reported adjusted net income of 33 cents per share. By that measure, the company beat the mean estimate of 32 cents per share. Analysts were expecting revenue of $6.07 billion.
“Our performance reflects Xerox’s operational discipline in delivering strong bottom-line results while scaling our services business and maintaining our leadership in document technology,” said Ursula Burns, Xerox chairman and chief executive officer.
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), Canon Inc. (NYSE:CAJ), Pitney Bowes Inc. (NYSE:PBI), Chyron Corporation (NASDAQ:CHYR), X-Rite, Incorporated (NASDAQ:XRIT), Hewlett-Packard Company (NYSE:HPQ), and Eastman Kodak Company (NYSE:EK).
SanDisk Corporation (NASDAQ:SNDK) in the fourth quarter as profit dropped from a year earlier. Net income for the semiconductor company fell to $281.2 million ($1.14 per share) vs. $485.5 million ($2.03 per share) a year earlier. This is a decline of 42.1% from the year earlier quarter. Revenue rose 18.8% to $1.58 billion from the year earlier quarter. SNDK reported adjusted net income of $1.29 per share. By that measure, the company beat the mean estimate of $1.23 per share. Analysts were expecting revenue of $1.57 billion.
“We are pleased to deliver record quarterly and annual revenues with robust profitability,” said Sanjay Mehrotra, President and CEO. “The secular demand trends for NAND flash remain vibrant and we are particularly excited about the new growth opportunities for our business in the Enterprise and Client Computing markets.”
Competitors to Watch: Western Digital Corp. (NYSE:WDC), STEC, Inc. (NASDAQ:STEC), OCZ Technology Group Inc. (NASDAQ:OCZ), Micron Technology, Inc. (NASDAQ:MU), EMC Corporation (NYSE:EMC), Seagate Technology PLC (NASDAQ:STX), Imation Corp. (NYSE:IMN), Quantum Corporation (NYSE:QTM), Hutchinson Technology Inc. (NASDAQ:HTCH), and Apple Inc. (NASDAQ:AAPL).
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