- Xerox (NYSE:NASDAQ:XRX) reports revenue declined 5% on a constant currency basis in Q4.
- Services revenue fell 3.2% to $2.638B (flat in constant currency).
- Document technology revenue declined 13.1% to $1.877B (+10% in constant currency).
- Equipment sales dropped 10% to $770M.
- Annuity revenue decreased 7% to $3.883B.
- Gross margin rate squeezed 80 bps to 31.3%.
- SG&A ratio -30 bps to 19%.
- Operating margin rate down 120 bps to 9.2%.
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Q1 Guidance: Diluted EPS: $0.05 to $0.08; Adjusted EPS: $0.21 to $0.24.
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FY2016 Guidance: Diluted EPS: $0.66 to $0.76; Adjusted EPS: $1.10 to $1.20; Cash flow from operations: $1.3B to $1.5B; Free cash flow: $1B to $1.2B; Capex: $0.3B.
- XRX +3.04% premarket.