More on Xerox's Q1

|About: Xerox Corporation (XRX)|By:, SA News Editor

Xerox (NYSE:XRX) reports revenue fell 4.3% on an adjusted constant currency basis in Q1.

Equipment sales fell 7.4% to $502M (-5.7% in constant currency).

Post sale revenue decreased $1.95B (-3.9% in constant currency).

North America revenue squeezed 4.5% to $1.47B (-4.8% in constant currency).

International revenue dropped 7.3% to $852M (-1.5% in constant currency).

Adjusted gross margin rate up 20 bps to 39.8%.

Adjusted SG&A expense rate improved 20 bps 25.8%.

Adjusted operating margin rate grew 90 bps to 11.4%.

Contract renewal rate during the quarter was 81%.

FY2017 Guidance: Diluted EPS: $0.44 to $0.52; Adjusted EPS: $0.80 to $0.88; Cash flow from operations: $700M to $900M; Free cash flow: $525M to $725M.

XRX -0.71% premarket.