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Xerox (XRX) Beats Q3 Earnings Estimate, Updates Guidance

Zacks Equity Research
Updated

With operations in more than 160 countries, Xerox Corporation XRX is a leader in the design, development, and sale of document management systems and solutions globally. Headquartered in Norwalk, CT, this century-old firm has helped organizations transform the way they manage their business processes and information.

XRX has beaten earnings estimates once in the last four quarters, making for an average negative surprise of 0.67%. Quite like its peers in the document industry, XRX is increasingly grappling with decreased demand for paper-related systems and products. With rising competition gradually weighing on margins, investors have been eagerly waiting for the company’s latest earnings report.

Currently, XRX has a Zacks Rank #4 (Sell), but that could definitely change following third-quarter 2017 earnings report which was just released. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

We have highlighted some of the key stats from this just-revealed announcement below:

Earnings: XRX beats earnings. The company reported adjusted earnings of 89 cents per share, which beat the Zacks Consensus Estimate of 79 cents.

Xerox Corporation Price and EPS Surprise

 

Xerox Corporation Price and EPS Surprise | Xerox Corporation Quote

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Revenues: Revenues missed. XRX posted revenues of $2,497 million, which missed the Zacks Consensus Estimate of $2,509 million.

Key Stats to Note: Xerox updated its full-year 2017 guidance. It currently expects GAAP earnings from continuing operations in the range $1.97 to $2.13 per share (compared with previous range of $1.84 to $2.08) and adjusted earnings in the range $3.28 to $3.44 (compared with earlier range of $3.20 to $3.44). The company expects cash flow to be around $800 - $1,000 million, up from earlier range of $700 - $900 million.

Stock Price: XRX’s shares were up following the release on healthy earnings beat. It would be interesting to see how the market reacts to the results during the trading session today.

Check back later for our full write up on this XRX earnings report later!

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