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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