Xerox Releases Quarterly Results

Originally published at Xerox

Xerox Announces Quarterly Results, Delivers Increased Cash Flow, Earnings Growth and Margin Expansion

Xerox has announced its second-quarter 2019 financial results. “This quarter we delivered improvements in EPS, adjusted operating margin and free cash flow largely underpinned by our enterprise-wide transformation initiative, Project Own It. These results have enabled us to increase planned investments for the second half of the year to support our revenue roadmap while maintaining our full-year guidance for EPS, adjusted operating margin and free cash flow,” said Xerox Vice Chairman and CEO John Visentin.

Second-Quarter 2019 Financial Summary:
• $313 million of operating cash flow, up $78 million year-over-year, and $297 million of free cash flow, up $94 million year-over-year
• GAAP earnings per share (EPS) of $0.77, up $0.35 year-over-year, and adjusted EPS of $0.99, up $0.19 year-over-year
• Adjusted operating margin of 12.7 percent, up 170 basis points year-over-year
• $2.3 billion of revenue in the quarter, a decrease of 8.8 percent in actual currency, or 7.2 percent in constant currency, year-over-year
• Adjusting full-year revenue guidance to approximately 6 percent down at constant currency
• Maintaining full-year guidance for EPS, adjusted operating margin and free cash flow • Completed $300 million of share repurchases year-to-date, expecting at least $600 million in total for the year