Xerox Releases Second-Quarter Results

Financial Results:
*$34 million of operating cash flow from continuing operations, down $242 million year-over-year, and $15 million of free cash flow, down $245 million year-over-year
*Adjusted operating margin of 4.2 percent, down 820 basis points year-over-year
*$1.47 billion of revenue, a decrease of 35.3 percent year-over-year or 34.6 percent in constant currency
*GAAP earnings per share (EPS) from continuing operations of $0.11 per share, down $0.49 year-over-year, and adjusted EPS of $0.15, down $0.64 year-over-year

“I am proud of our employees who did what was necessary during this unprecedented disruption to support our business and clients, especially those delivering essential services. While the bulk of our markets were fully or partially shut down during the quarter, our team’s financial discipline enabled us to deliver positive earnings per share and cash flow while continuing to invest in key areas of growth,” said Xerox Vice Chairman and CEO John Visentin. “No one can control or accurately predict what happens next. We have modeled numerous scenarios to ensure we have flexibility no matter how the pandemic continues to impact global business.”

Business Highlights
• Launched “Make Now Work,” an integrated content marketing campaign that demonstrates how Xerox supports clients’ digital transformations and changing needs accelerated by COVID-19.
• Added and renewed several Fortune 500 and public sector clients such as HM Land Registry; Ministry of Citizens’ Services, BC Mail Plus; Veterans Affairs of Montana & Wyoming; and Allianz.
• Expanded the company’s software portfolio with the launch of the Xerox Team Availability App to support flexible workplace needs.
• Introduced the next-generation AltaLink® C8100/B8100 Series with ConnectKey® apps and automation that speeds digital transformation and supports workers in and out of the office.
• Announced the Adaptive CMYK+ Kit for the Xerox Versant®, an enhancement that allows print providers to offer higher value, embellishment solutions without a major investment.
• Stood up manufacturing operations for Xerox’s COVID-19 healthcare initiatives such as making disposable, low-cost FDA-cleared ventilators and hospital-grade hand sanitizer—an area where the company is doubling production in response to demand.
details at: https://www.news.xerox.com/internal_redirect/cms.ipressroom.com.s3.amazonaws.com/84/files/20206/2Q2020-XRX-News-Release.pdf

Related Posts

Periscope Reshapes Leadership Team in a Quest to Provide Marketers with a Preferred Alternative to the Traditional Agency Model

Infused with new capital from an unconventional parent company and energized by an expanding client base, Minneapolis-based Periscope is fortifying its executive team in pursuit of double-digit growth. The integrated marketing agency today announced that Cari Bucci-Hulings will join as president, effective July 6, in addition to other recent high-profile hires. Bucci-Hulings most recently served as president of MARC USA, one of the largest independent agencies in the country. In the role, Bucci-Hulings will be responsible for accelerating Periscope’s mission to do things people love and growing the business into new offerings and markets. She will report to Eric Ashworth, vice president of Agency Solutions for Quad, the creative engineering company that acquired Periscope in 2019.

36-Year Quad Print Veteran Joins Royle as Director of Operations

Royle Printing is pleased to announce Pam Rostagno has joined the Royle team as Director of Operations. Rostagno brings a broad depth of knowledge and experience from her various operations leadership positions she held at Quad. Beginning her career in their Corporate Trainee program, Rostagno spent time as a customer service representative before moving into a leadership position in that department. She advanced in her career, serving as the Plant Director at the Quad Lomira, Wis., facility and Quad Martinsburg, W.V., facility. In 2013, Rostagno accepted the position of Director of Operations at the Quad In-Store Division, where she championed the rapid growth of that business unit. Rostagno has been heavily involved in employee development, process improvement & cost analysis, strategic planning & direction, customer service, quality & production controls, LEAN/6S applications, leadership and mentoring/coaching.

Corporate Press Signs Agreement to Acquire McArdle Printing Assets

Corporate Press, an employee-owned commercial printer based in Lanham, Md., has entered into an agreement to acquire certain assets of McArdle Printing, of Upper Marlboro, Md., from its current owner, Bloomberg BNA. The sale includes McArdle's existing account base and some of the equipment. “We expect the transaction to close on September 30, after which Corporate Press and its subsidiary, ColorCraft, will consolidate their current 72,000-sq.-ft. Maryland and 42,000-sq.-ft. Virginia operations into McArdle’s existing 131,000-sq.-ft. facility," explains Michael Marcian, president of Corporate Press. Together, Corporate Press and Sterling, Va.-based ColorCraft of Virginia (which it acquired from the late James Mayes in 2012) comprise a total of 140 employees. Click Read More below for additional detail.
Back To Top
×Close search
Search