- Xerox (NYSE:NASDAQ:XRX) reports revenue fell 4% on an adjusted constant currency basis in Q3.
- Services revenue grew 1% to $2.4B (+2% in constant currency).
- Document technology revenue squeezed 9% to $1.63B (-7% in constant currency).
- Equipment sales decreased 8% to $613M (-7% in constant currency).
- Annuity revenue declined 2% to $3.6B (-1% in constant currency).
- Adjusted gross margin rate +10 bps to 31.3%.
- Adjusted SG&A expense rate expanded 40 bps 19.3%.
- Operating margin rate down 20 bps to 9.2%.
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Q4 Guidance: Diluted EPS: $0.11 to $0.14; Adjusted EPS: $0.32 to $0.35.
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FY2016 Guidance: Diluted EPS: $0.45 to $0.48; Adjusted EPS: $1.11 to $1.14; Cash flow from operations: $950M to $1.2B; Free cash flow: $600M to $850M.
- XRX -1.46% premarket.