Xerox Raises 2019 Profit View

(RTTNews) - Xerox Corp. (XRX) said that it raised its fiscal year 2019 earnings per share guidance to a range of $2.90 - $3.05 from the prior range of $2.60 to $2.70 per share.

It also increased its annual adjusted earnings per share outlook to a range of $3.80 - $3.95 from the prior estimation of $3.70 - $3.80 per share. Analysts polled by Thomson Reuters expect the company to report earnings of $3.76 per share for fiscal year 2019. Analysts' estimates typically exclude special items.

The company said that it is on track to drive gross savings in 2019 of at least $640 million under Project Own It, the company's enterprise-wide transformation initiative to create a simpler, more effective organization.