Shares of Xerox Holdings Corporation (XRX) are slipping over 6% on Thursday morning after reporting fourth-quarter results. The company sees improved profit, but flat or weak revenues in full year 2023.
XRX is currently trading at $16.26, down $1.16 or 6.66%, on the Nasdaq. The stock opened its trading at $17.93 after closing previous day's trading 17.42. The stock has traded between $11.80 and $23.25 in the past 52-week period.
For the full year, the company projects adjusted operating margin of at least 4.7 percent, compared to adjusted operating margin of 3.9 percent in fiscal 2022.
Further, revenue for the year is expected to be flat to down low-single-digits in constant currency. In fiscal 2022, the company's revenues were $7.11 billion.
In the fourth quarter, the company's profit was $121 million, compared to loss of $675 million. Earnings per share were $0.74, compared to loss of $3.97 last year.
Adjusted earnings were $146 million or $0.89 per share for the period, compared to $62 million or $0.34 per share a year ago. On average, five analysts polled by Thomson Reuters expected earnings of $0.49 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew 9.2 percent to $1.94 billion from last year's $1.78 billion. Analysts expected revenues of $1.89 billion for the quarter.
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