Document technology and business process services provider Xerox Corp. (XRX) announced a rise in first-quarter GAAP net income attributable to the company to $296 million, or $0.23 per share, from last year's $269 million, or $0.19 per share.
On an adjusted basis, net income attributable to Xerox was $347 million, or $0.27 per share, including a benefit of about $0.02 per share resulting from a reserve reduction related to recent litigation developments. First-quarter 2013 adjustments to net income reflect the amortization of intangible assets. On average, 10 analysts polled by Thomson Reuters expected earnings per share of $0.24 for the quarter. Analysts' estimates typically exclude one-time items.
The firm clocked total revenues of $5.36 billion, down 3% compared with the prior-year figure of $5.50 billion, while 8 analysts estimated revenues of $5.50 billion for the quarter.
Looking ahead to the second quarter of 2013, earnings per share are expected to lie between $0.19 and $0.21 on a GAAP basis, and between $0.23 and $0.25 on an adjusted basis. Ten analysts project second-quarter earnings per share of $0.26.
For 2013, Xerox still sees earnings per share in the range of $0.94 - $1.00 on a GAAP basis, and $1.09 - $1.15 as per adjusted basis, while 11 analysts estimate full-year earnings per share of $1.12.
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