Xerox Q2 Profit Tops Estimates; Reiterates Full-year Guidance

(RTTNews) - Xerox Holdings Corp. (XRX) reported second quarter profit per share of $0.13 compared to $0.47, prior year. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.12, for the quarter. Analysts' estimates typically exclude special items.

Net loss was $4 million compared to profit of $91 million, last year. Loss per share was $0.05 compared to profit of $0.46.

Revenue was $1.75 billion compared to $1.79 billion, prior year. Revenue was up 1.1 percent in constant currency, driven by improving demand for products and services and the realization of pricing growth, the company noted.

"Inflation and supply chain challenges affected margins this quarter, but we expect sequential margin improvement throughout the remainder of the year as we realize further price increases, Project Own It savings, and benefits from a more favorable supply chain environment. Strong demand and line of sight to margin improvement give us confidence to reiterate full-year guidance." said Xerox interim CEO Steve Bandrowczak.

For 2022, the company expects: revenue of at least $7.1 billion, in actual currency; free cash flow of at least $400 million; and shareholder returns of at least 50% of annual free cash flow.

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