Xerox Releases Third-Quarter Results

Third-Quarter 2019 Financial Summary:
•$356 million of operating cash flow, up $82 million year-over-year, and $339 million of free cash flow,up $88 million year-over-year
•GAAP earnings per share (EPS) of $0.96, up $0.62 year-over-year, and adjusted EPS of $1.08, up$0.23 year-over-year (YOY)
•Adjusted operating margin of 12.1 percent, up 120 basis points year-over-year
•$2.2 billion of revenue in the quarter, a decrease of 6.5 percent in actual currency, or 5.3 percent inconstant currency, year-over-year
•Increasing 2019 guidance for GAAP EPS to $3.10 – $3.20, adjusted EPS to $4.00 – $4.10, operatingcash flow to $1.2 – $1.3 billion and free cash flow to $1.1 – $1.2 billion
•Completed $368 million of share repurchases through the third quarter, expecting at least $600million in total for the year

“Our strategy and execution delivered a strong third quarter despite industry headwinds. We increased cash flow, earnings per share and adjusted operating margin while we improved the revenue trend. These results give us confidence to raise our earnings and cash flow guidance for the year as we position Xerox for long-term growth,” said Xerox Vice Chairman and CEO John Visentin.
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