Xerox Backs FY13 Profit View; Sees FY14 Adj. EPS In Line With View - Quick Facts

(RTTNews) - At its annual investor conference being held today, Document technology and business process services provider Xerox Corp. (XRX) said Tuesday that it is detailing its strategy with a focus on delivering long-term value for shareholders through earnings growth, strength in a diversified portfolio and innovative technology and services.

"Fifty-six percent of our revenue now comes from services and we're on track to grow that number to 66 percent by 2017," said Ursula Burns, chairman and chief executive officer.

The company still expects full-year 2013 GAAP earnings per share from continuing operations in the range of $0.93 to $0.95, and adjusted earnings per share of $1.08 to $1.10. Analysts polled by Thomson Reuters expected the company to report earnings of $1.09 per share for fiscal 2013. Analysts' estimates typically exclude special items.

During the investor conference, the company said it will outline its expectations for 2014 financial performance. Full-year 2014 GAAP earnings per share are expected to be in the range of $0.93 to $0.99. Adjusted earnings per share are expected to be $1.10 to $1.16. Street currently is looking for full-year 2014 earnings of $1.15 per share.

For 2014, the firm said it expects operating cash flow of $1.8 billion to $2.0 billion, with no finance receivable sales planned. The company also expects to allocate at least $500 million for stock buyback, and anticipates spending up to $500 million on acquisitions and $300 million on dividends. The company's board of directors has approved a $500 million increase in its current share repurchase plan which brings its current authorization level to approximately $1.5 billion.

The company continues to expect operating cash flow for 2013 at the higher end of its $2.1 billion to $2.4 billion range, which is enabling greater than $600 million in share repurchase.