Xerox Q1 Profit Misses Estimates

(RTTNews) - Xerox Holdings Corporation (XRX) reported first quarter adjusted earnings per share of $0.22 compared to $0.21, a year ago. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.30, for the quarter. Analysts' estimates typically exclude special items. Adjusted operating margin was 5.2 percent, up 50 basis points year-over-year. First quarter GAAP earnings per share was $0.18 compared to a loss of $0.03, a year ago. Net income to Xerox was $39 million compared to a loss of $2 million.

First quarter revenue declined to $1.71 billion from $1.86 billion, prior year. Analysts expected revenue of $1.59 billion, for the quarter.

Xerox CEO John Visentin said: "The strength of our performance, portfolio and strategy gives us confidence we will return Xerox to growth in 2021."

Shares of Xerox were down nearly 3% in pre-market trade on Tuesday.