Xerox Reports Increases in First-Quarter Results
The company used $30 million in operating cash during the first quarter primarily due to the seasonality of working capital. Xerox reiterated its expectations to deliver $2.5 billion in full-year operating cash and $1.9 billion of free cash flow. The company expects $1 billion to $1.2 billion in available cash for 2011.
Xerox also commented on the business impact from the earthquake in Japan. “We are focused intently on minimizing any disruption in providing products and supplies to our customers,” said Burns. “Due to increasing costs and uncertainties in supply chain issues along with the pressure on Fuji Xerox’ business in Japan, we’re taking the prudent approach to provide a broader range than usual for our second-quarter earnings expectations. We remain committed to delivering on our full-year guidance.”
Xerox expects second-quarter 2011 GAAP earnings of 18 to 21 cents per share. Second-quarter adjusted EPS is expected to be 23 to 26 cents per share.
Full-year 2011 GAAP earnings are expected to be 89 to 94 cents per share. Full-year adjusted earnings are expected to be $1.05 to $1.10 per share.
Xerox Corp. is a $22 billion leading global enterprise for business process and document management. Through its broad portfolio of technology and services, Xerox provides the essential back-office support that clears the way for clients to focus on what they do best: their real business. Headquartered in Norwalk, CT, Xerox provides leading-edge document technology, services, software and genuine Xerox supplies for graphic communication and office printing environments of any size. Through ACS, A Xerox Company, which Xerox acquired in February 2010, Xerox also offers extensive business process outsourcing and IT outsourcing services, including data processing, HR benefits management, finance support, and customer relationship management services for commercial and government organizations worldwide. The 134,000 people of Xerox serve clients in more than 160 countries. For more information, visit www.xerox.com, http://news.xerox.com, http://www.realbusiness.com or www.acs-inc.com. For investor information, visit www.xerox.com/investor.