Xerox (XRX) shares are trading sharply higher this morning following the copier and IT services� company’s Q2 earnings report.
For the quarter, Xerox posted revenue of $5.5 billion, up 48%; the increase adjusted for the acquisition of Affiliated Computer Services was up 2%, or 3% at constant currencies. The results match Street estimates. Non-GAAP profits of 24 cents a share beat the Street consensus by three cents.
Guidance had been for non-GAAP EPS of 20-22 cents.
For Q3, the company sees adjusted EPS of 19-21 cents a share, which is in line with the Street at 20 cents. For the full year, the company sees adjusted EPS of 88-92 cents, up from previous guidance of 75-85 cents; the Street has been projecting 87 cents.
“We�re seeing consistent trends that indicate the benefit of our broad product line and expanded services as well as modest economic improvements,” CEO Ursula Burns said in a statement “Demand continues to improve for Xerox technology, especially in developing markets and from small and mid-sized businesses.”
XRX is up 68 cents, or 8.1%, to $9.09.
I would note that the stock likewise rallied after reporting Q1 results…but the shares have since fallen back fairly sharply.
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