Xerox Q1 Adj. Profit Meets View; Cuts FY15 Earnings Outlook - Quick Facts

(RTTNews) - Xerox (XRX) reported first-quarter net income attributable to the company of $225 million or $0.19 per share, compared to $281 million or $0.23 per share in the comparable quarter last year.

On an adjusted basis, net income from continuing operations attributable to Xerox was $239 million, or $0.21 per share, down from $314 million or $0.26 per share in the prior year quarter. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $0.21 for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the latest first quarter totaled $4.47 billion, down from $4.77 billion, a year ago. Analysts expected revenue of $4.56 billion for the quarter.

Looking ahead to the second quarter, Xerox expects GAAP earnings to be in the range of $0.17 to $0.19 per share and adjusted earnings in the range of $0.21 to $0.23 per share. Analysts currently expect second quarter earnings of $0.25 per share.

For fiscal 2015, the company now expects GAAP earnings from continuing operations in the range of $0.77 to $0.83 per share and adjusted earnings in the range of $0.95 to $1.01. Analysts expect the company to report full-year earnings per share of $1.02.

Earlier, the company expected GAAP earnings from continuing operations of $0.83 to $0.89 per share and adjusted earnings in the range of $1.00 to $1.06.