Xerox Q3 Profit Tops View, But Revenues Miss; Cuts FY Revenue Guidance

(RTTNews) - Workplace technology company Xerox Holdings Corp. (XRX) reported that its third-quarter net income attributable to the company was $90 million or $0.48 per share compared to $90 million or $0.41 per share in the same quarter last year.

Adjusted net income was $90 million or $0.48 per share compared to $105 million or $0.48 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.44 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter were $1.76 billion compared to $1.77 billion in the prior year. Analysts expected revenues of $1.81 billion for the quarter.

The company reduced its fiscal year 2021 revenue guidance to approximately $7.1 billion in actual currency or $7.0 billion in constant currency. Analysts expect annual revenue of $7.26 billion.

The company reaffirmed annual free cash flow guidance of at least $500 million.

The company completed expected $500 million of buybacks for 2021. The company's board approves an additional $500 million share repurchase program to be used opportunistically.