Xerox Rises 13% On Turning To Profit In Q1, Beating Estimates

Shares of Xerox Holdings Corporation (XRX), a print and digital document products and services provider, are rising more than 13% Tuesday morning after the company turned to profit in the first quarter, better than analysts’ view.

The company reported a pre-tax income of $85 million for the first quarter compared with a loss of $89 million last year.

Earnings per share was $0.43 compared with a loss per share of $0.38 a year ago.

Excluding one-time items, earnings were $0.49 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $0.17 per share.

Revenue for the quarter increased 2.8% year-on-year to $1.72 billion, that met the consensus estimate.

Looking forward to the full year, the company expects flat to down low-single-digits growth in revenue in constant currency. Analysts see 1.6% decline in revenue.

XRX is at $15.43 currently. It has traded in the range of $11.80-$19.40 in the last 52 weeks.

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