- Xerox (NYSE:NASDAQ:XRX) reports revenue fell 4% on a constant currency basis in Q2.
- Services revenue declined 2% to $2.47B (-1% in constant currency).
- Document technology revenue decreased 7% to $1.75B (-6% in constant currency).
- Equipment sales dropped 6% to $675M (-5% in constant currency).
- Annuity revenue squeezed 4% to $3.71B (-3% in constant currency).
- Adjusted gross margin rate increased 20 bps to 31.4%.
- Adjusted SG&A expense rate improved 30 bps 19.3%.
- Operating margin rate expanded 80 bps to 9.3%.
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Q3 Guidance: Diluted EPS: $0.14 to $0.16; Adjusted EPS: $0.26 to $0.28.
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FY2016 Guidance: Diluted EPS: $0.45 to $0.55; Adjusted EPS: $1.10 to $1.20; Cash flow from operations: $950M to $1.2B; Free cash flow: $600M to $850M.