Xerox Reports Third-Quarter 2017 Earnings

• GAAP EPS from continuing operations of 67 cents up one cent year-over-year; adjusted EPS of 89 cents up five cents year-over-year
• Total revenue of $2.5 billion, down 5.0 percent or 5.9 percent in constant currency year-over-year
• Adjusted operating margin of 12.2 percent, down 0.4 points year-over-year
• Cash flow reflects continued good results excluding higher year-over-year pension contributions
• Affirms full-year revenue and adjusted operating margin guidance; raises lower-end of EPS guidance
• Updates operating cash flow guidance to reflect the net impact of higher operational cash flow, incremental pension contributions and the elimination of certain accounts receivable sales programs

Xerox (NYSE: XRX) today announced its third-quarter 2017 financial results.

“We posted another solid quarter of earnings, margins, and cash flow in line with our expectations, supported by our on-going Strategic Transformation initiatives,” said Jeff Jacobson, Xerox chief executive officer. “Revenue decline improved sequentially which we expect to carry through the rest of the year.” Jacobson added, “All 29 of our new ConnectKey®-enabled office products are now available and shipping to large and small customers around the globe; momentum is building, as expected, entering the last quarter of the year.”

The company delivered third-quarter 2017 GAAP earnings per share (EPS) from continuing operations of 67 cents, up 1.5 percent year-over-year. Adjusted EPS was 89 cents, up 6.0 percent year-over-year, and excludes 22 cents per share of after-tax costs related to the amortization of intangibles, restructuring and related costs, and certain retirement-related costs.

Revenues were $2.5 billion in the quarter, down 5.0 percent or 5.9 percent in constant currency. Post sale revenue was 79 percent of total revenue.

Third-quarter adjusted operating margin was 12.2 percent, down 0.4 points year-over-year.
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