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Fri, Jan. 29, 10:09 AM
- Xerox (XRX +5.5%) and Carl Icahn worked out a governance agreement that cleared the path for the company to split in two.
- Icahn will pick three directors for the Business Process Outsourcing company and will have an observer on the search team tasked with finding the CEO of the business.
- Icahn on Twitter: 'We believe the separation will greatly enhance value for $XRX shareholders."
- Previously: Xerox confirms business split (Jan. 29 2016)
Fri, Jan. 29, 7:39 AM
- Xerox (NYSE: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%.
- Q1 Guidance: Diluted EPS: $0.05 to $0.08; Adjusted EPS: $0.21 to $0.24.
- 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.
Dec. 14, 2015, 5:27 PM
- In a 13D filing, Carl Icahn and his investment vehicles report boosting his stake in Xerox (XRX -1.8%) to 8.13%, from a previous 7.13%.
- His amended filing puts the group's ownership at 83.31M shares of an outstanding 1.012B.
- Icahn disclosed a 7.13% stake late last month along with statements that he intended to talk performance with management, including strategic alternatives. The investment made Icahn the company's No. 2 shareholder.
- Xerox shares are up 0.6% after hours.
- Previously: Icahn discloses 7.1% stake in Xerox; shares +8.7% (Nov. 23 2015)
Nov. 23, 2015, 5:36 PM
Nov. 23, 2015, 5:13 PM
- Carl Icahn has disclosed a 7.13% stake (72.2M shares) in Xerox (NYSE:XRX), and says he plans to hold talks with management. The stake makes Icahn Xerox's second-largest shareholder. (13D filing)
- From the 13D filing: "The Reporting Persons acquired their positions in the Shares in the belief that the Shares were undervalued. The Reporting Persons intend to have discussions with representatives of the Issuer's management and board of directors relating to improving operational performance and pursuing strategic alternatives, as well as the possibility of board representation."
- The copier maker and BPO/document services provider has jumped to $11.69 after hours.
Oct. 26, 2015, 11:03 AM
- Execs with Xerox (XRX -1.6%) said during the earnings conference call this morning that a sale of the company is not being considered. Other strategic alternatives are still in play.
- The disclosure has sent shares lower after they stood in positive territory following the release of Q3 earnings. Xerox is -27% YTD.
- Xerox earnings call webcast
- Previously: Xerox beats by $0.01, misses on revenue (Oct. 26 2015)
- Previously: More on Xerox's Q3 (Oct. 26 2015)
Oct. 26, 2015, 7:15 AM
- Xerox (NYSE:XRX) reports Services revenue declined 3.5% to $2.532B in Q3.
- Document technology revenue of -12.4% to $1.778B.
- Equipment sales fell 11% to $668M.
- Annuity revenue decreased 7% to $3.781B.
- Gross margin rate dropped 130 bps to 30.9%.
- SG&A ratio grew 40 bps to 19.2%.
- Operating margin rate down 90 bps to 8.7%.
- Q4 Guidance: Diluted EPS: $0.23 to $0.25; Adjusted EPS: $0.28 to $0.30.
- FY2015 Guidance: Diluted EPS: $0.46 to $0.52; Adjusted EPS: $0.95 to $1.01; Cash flow from operations: $1.6B to $1.7B; Free cash flow: $1.3B to $1.4B; Capex: $0.3B.
Aug. 17, 2015, 5:37 PM
Jul. 24, 2015, 8:38 AM| Jul. 24, 2015, 8:38 AM | 1 Comment
Jul. 17, 2015, 8:58 AM
- Xerox (NYSE:XRX) says it will take an impairment charge of $145M in Q2 due to changes in its government healthcare business.
- "We continue to refine our strategy and take the necessary actions to position our Services business for better revenue growth and margin improvement," says CEO Ursula Burns.
- XRX -1.09% premarket.
Apr. 24, 2015, 8:01 AM
- Xerox (NYSE:XRX) reports Services revenue of $2.51B (-2.75%) and Document technology revenue of $1.83B (-10.47%).
- Equipment sales declined 13% to $624M; Annuity revenue fell 5% to $3.85B.
- Gross margin rate -30 bps to 31.2%.
- SG&A ratio grew 66 bps to 20.47%.
- Operating margin rate +110 bps to 7.6%.
- Q2 Guidance: Diluted EPS: $0.17 to $0.19; Adjusted EPS: $0.21 to $0.23.
- FY2015 Guidance: Revenue: ~-1%; Service margin: 8.5% to 9%; Diluted EPS: $0.77 to $0.83; Adjusted EPS: $0.95 to $1.01; Cash flow from operations: $1.7B to $1.9B; Free cash flow: $1.3B to $1.5B.
- XRX -4.87% premarket.
- Q1 results
Apr. 7, 2015, 4:13 PM
- Citi has upgraded Xerox (NYSE:XRX) to Buy after the close.
- Shares have risen to $13.25 in AH trading. They closed regular trading up just 0.1%
Jan. 30, 2015, 9:52 AM
- Xerox (NYSE:XRX) reports Services revenue $2.73B (+1.45%) and Document technology revenue $2.35B (-8.17%).
- Equipment sales declined 11.25% to $860M; Annuity revenue fell 1.53% to $4.17B.
- Gross margin rate +10 bps to 32.1%.
- SG&A ratio declined 90 bps to 18.7%.
- Operating margin rate +100 bps to 10.4%.
- FQ1 Guidance: Diluted EPS: $0.16 to $0.18; Adjusted EPS: $0.20 to $0.22.
- FY2015 Guidance: Diluted EPS: $0.83 to $0.89; Adjusted EPS: $1.00 to $1.06; Cash flow from operations: $1.7B to $1.9B; Free cash flow: $1.3B to $1.5B.
- Q4 results
Oct. 21, 2014, 2:16 PM
- Lexmark's (NYSE:LXK) big Q3 beat is overshadowing its ho-hum guidance: The printer vendor expects Q4 revenue to be down 2%-4% Y/Y, and EPS to be in a range of $1.10-$1.20. Consensus is for a 3.8% revenue drop and EPS of $1.18.
- With document management software firm ReadSoft (acquired for $250M) contributing $16M from Aug. 19 to quarter's end, software/other revenue rose 23% Y/Y to $132M. The Perceptive Software unit (includes ReadSoft) accounted for $86M of the total.
- Hardware revenue (drives future supplies revenue) rose 8% to $196M, while supplies revenue fell 2% thanks to a 29% drop in inkjet exit revenue to $60M. Laser supplies revenue rose 2% to $533M.
- Gross margin fell 60 bps to 40.4%, and opex rose 5% to $276M. $18M was spent on buybacks.
- Copier/printer vendor Xerox (NYSE:XRX) is outperforming ahead of tomorrow's Q3 report.
Jun. 26, 2014, 11:32 AM
- Citing valuation, Argus has downgraded Xerox (XRX -3.1%) to Hold.
- Shares closed yesterday not far from a 52-week high of $13.01. They go for 13x 2014E EPS after factoring net debt.
Apr. 23, 2014, 2:29 PM
- Brean has upped its Xerox (XRX +3.6%) PT to $15 from $13 following yesterday's Q1 report. The firm is upbeat about Xerox's ability to grow earnings and see multiple expansion, as well as to continue growing its services revenue mix.
- Xerox initially traded lower yesterday after offering soft EPS guidance to go with a Q1 EPS beat, but closed the day with a slight gain.
Xerox Corp is engaged in business process and document management solutions. It provides services, technology and expertise to small businesses to large enterprises, to focus on their core business and operate more effectively.
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