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xerox corp (XRX) Key Developments

Xerox Corporation Provides Earnings Guidance for the Full Year 2015

Xerox Corporation provided earnings guidance for the full year 2015. For the period, the company expects revenues are going to be flat in constant currency, driven by growth in services of 2% to 4%, offset by a decline in Doc Tech segment of 4% to 5%. The company expects adjusted earnings per share between $1.11 and $1.17. Year-over-year improvements in services margin and the impact of lower share count is partially offset by declines in Doc Tech segment margin, which is really driven by the higher pension settlement losses. The company expects 2015 cash flow to continue to be quite strong, operating cash flow of between $1.9 billion and $2.1 billion. The company will spend on CapEx about $500 million, which is pretty consistent with this year. So overall, free cash flow will be between $1.4 billion and $1.6 billion. The company also expects tax rate to be roughly flat and between 25% to 27%.

Xerox Appoints Sue Watts as Executive Vice President of Business and Operations Planning for Services, Effective November 24, 2014

Xerox announced the appointment of Sue Watts as executive vice president of business and operations planning for Xerox Services, reporting to Robert Zapfel, president of Xerox's Services business. She will join the company on Nov. 24, 2014. Watts comes to Xerox from Capgemini. Prior to Capgemini, Watts spent time at Orange Business Services.

Union Sues Xerox Corp. over Job Losses

A labor union is suing Xerox Corp. over the company's plans to hand over local maintenance and custodial work to an outside firm. Xerox notified the state Labor Department in August it plans to cut more than 120 positions locally as it closes its facilities maintenance and cleaning operations and outsources the work to Chicago-based JLL. Xerox said at the time that the laid-off local employees would be able to apply for jobs with JLL. The suit, filed in federal court by Local 14A of the Rochester Regional Joint Board, claims that move by Xerox violated terms of the company's contract with the union. Meanwhile, the suit alleges, roughly 60 union members' jobs are affected by the move and JLL pays significantly less than Xerox, while staying at Xerox would likely mean moving into a lower-paying or a harder job.

Xerox Corporation, 2015 Guidance/Update Call, Nov 11, 2014

Xerox Corporation, 2015 Guidance/Update Call, Nov 11, 2014

Xerox Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Fourth Quarter and Full Year of 2014

Xerox Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net income attributable to the company of $266 million or $0.22 per diluted share on total revenues of $5,120 million compared to net income attributable to the company of $286 million or $0.22 per diluted share on total revenues of $5,235 million a year ago. Income before income taxes and equity income was $300 million compared to $334 million a year ago. Income from continuing operations was $273 million compared to $292 million a year ago. Net income was $272 million compared to $291 million a year ago. Net income from continuing operations was $267 million or $0.22 per diluted share compared to $287 million or $0.22 per diluted share a year ago. Net cash provided by operating activities was $595 million compared to $961 million a year ago. Cost of additions to land, buildings and equipment was $91 million compared to $84 million a year ago. Third-quarter 2014 adjusted earnings per share was 27 cents. Third quarter 2014 total revenues decreased 2% as compared to third quarter 2013, with no impact from currency. The decline in Revenue was primarily driven by lower sales in entry products due to product launch timing and overall price declines that were within the historical range of 5% to 10%. On an adjusted basis, net income from continuing operations attributable to the company was $320 million, or $0.27 per diluted share. Third quarter 2014 adjustments to net income reflect the amortization of intangible assets. On an adjusted basis, net income from continuing operations attributable to the company was $339 million or $0.26 per diluted share for the third quarter of 2013. Third quarter 2013 adjustments to net income reflect the amortization of intangible assets. As expected, cash flow in the quarter was lower than prior year, due to the positive impact of $316 million last year from the finance receivable sales, versus a net negative impact of $102 million this year, due to the loss of collections from previous sales. The company spent $112 million on CapEx. For the nine months period, the company reported net income attributable to the company of $813 million or $0.67 per diluted share on total revenues of $15,500 million compared to net income attributable to the company of $853 million or $0.67 per diluted share on total revenues of $15,793 million a year ago. Income before income taxes and equity income was $916 million compared to $967 million a year ago. Income from continuing operations was $833 million compared to $890 million a year ago. Net income was $830 million compared to $868 million a year ago. Net income from continuing operations was $816 million or $0.68 per diluted share compared to $875 million or $0.68 per diluted share a year ago. Net cash provided by operating activities was $1,206 million compared to $1,407 million a year ago. Cost of additions to land, buildings and equipment was $277 million compared to $253 million a year ago. For the fourth-quarter, the company expects 2014 GAAP earnings per share to be 26 to 28 cents per share. Fourth-quarter adjusted EPS is expected to be 30 to 32 cents. Excluding the effects of intangibles amortization, the company anticipates effective tax rate for fourth quarter 2014 will be approximately 23% to 27%. GAAP and adjusted EPS guidance includes anticipated restructuring. The company expects full-year 2014 GAAP earnings per share of 93 to 95 cents and full-year adjusted EPS of $1.11 to $1.13. Excluding the effects of intangibles amortization, the company anticipates effective tax rate for the full year will be approximately 24% to 26%. The company’s full year cash flow guidance of $1.8 billion to $2 billion of operating cash flow, which equates to $1.3 billion to $1.5 billion of free cash flow.

 

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