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Xerox Corporation (NYSE: XRX) recently announced second-quarter 2009 results that include earnings per share of 16 cents and $609 million in operating cash flow.
Xerox (NYSE: XRX) CEO Ursula M. Burns has stated, “During the second quarter, we exceeded our expectations for EPS and cash flow, reflecting our disciplined approach to operational improvements across the board. Gross margin and cash are up; expenses are down – all key factors to our strong financial position that is serving us well during this tough economy.
At the same time, our industry continues to face challenges from the decline in enterprise spending on technology. We have seen sequential improvement with revenue up 5 percent from the first quarter. However, assuming current economic conditions persist, we expect revenue will remain under pressure during the balance of this year,” Ms. Burns added.
“In this cost-conscious environment, our clients are responding to Xerox’s managed print services that reduce document costs by up to 30 percent, and to the value we provide through innovation like the Xerox ColorQube solid ink system that cuts the cost of color pages by up to 62 percent,” observed Ms. Burns. “Xerox’s value proposition along with the breadth of our offerings for businesses of any size, expanded distribution, and global account management gives us confidence in the strength of our long-term competitive position.”
Xerox expects third-quarter 2009 earnings per share in the range of 10 cents to 12 cents, delivering full-year 2009 earnings per share of 50 cents to 55 cents.
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