NORWALK, Conn. (AP) — A strong dollar pressured Xerox’s revenue in the second quarter, while charges weighed on earnings. Its adjusted earnings met Wall Street’s expectations, but revenue came up short.
The business services provider and copier company said Friday that it earned $12 million, or a penny per share, for the three months ended June 30. A year earlier it earned $266 million, or 22 cents per share.
Taking out some software impairment charges and other items, earnings amounted to 22 cents per share. This met the expectations of analysts surveyed by FactSet.
Revenue for the Norwalk, Connecticut-based company fell to $4.59 billion from $4.94 billion. Wall Street was looking for higher revenue of $4.64 billion.
Services business revenue, which makes up 56 percent of total revenue dropped 3 percent. On a constant currency basis, it was up 1 percent. Revenue for the document technology segment fell 12 percent, or 7 percent on a constant currency basis.
For the third quarter, Xerox Corp. expects earnings in a range of 22 cents to 24 cents per share. Analysts predict 25 cents per share.
The company anticipates full-year adjusted earnings at the lower end of a range of 95 cents to $1.01 per share. Wall Street foresees 98 cents per share.
Its shares rose 20 cents, or 1.8 percent, to $11.01 in morning trading Friday. Its shares are down more than 14 percent over the past year.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on XRX at http://www.zacks.com/ap/XRX
Keywords: Xerox, Earnings Report