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Xerox Q1 Net Profit Down, But EPS Flat; Backs 2012 EPS View - Quick Facts

Xerox Corp.'s (XRX) first-quarter net income attributable to the company slid to $269 million from $281 million last year, with quarterly earnings per share remaining flat at $0.19. On an adjusted basis, net income attributable to Xerox was $319 million, lower than $334 million in the comparable period, while adjusted earnings remained unchanged at $0.23 per share. First-quarter 2012 adjustments to net income reflect the amortization of intangible assets, the company added.

On average, 10 analysts polled by Thomson Reuters expected earnings per share of $0.23 for the quarter. Analysts' estimates typically exclude one-time items.

Total revenues for the quarter were $5.5 billion, up 1 percent from $5.46 billion a year earlier, and up 2 percent in constant currency. Eight analysts estimated revenues of $5.45 billion for the quarter.

Looking ahead to the second quarter of 2012, the company expects earnings per share of $0.21 - $0.24 on a GAAP basis, and $0.25 - $0.28 on an adjusted basis, whereas 9 analysts anticipate second-quarter earnings of $0.26 per share.

For full year 2012, Xerox confirmed GAAP earnings per share guidance of $0.97 - $1.03, with adjusted earnings view to be in the range of $1.12 - $1.18 per share, including restructuring. Twelve analysts project earnings of $1.13 per share for 2012.

by RTT Staff Writer

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