Xerox Reports Revenue Growth in Q2

Xerox Reports Revenue Growth in Q2

According to Xerox, its revenue reached $1.75 billion, up 0.4% year-over-year, or 0.5% in constant currency in the second quarter of the fiscal year 2023 (Q2, 2023).

Some highlights include:

• GAAP (loss) earnings per share (EPS) of $(0.41), down $0.36 year-over-year.
• Adjusted EPS of $0.44, up $0.31 year-over-year.
• Adjusted operating margin of 6.1 percent, up 410 basis points year-over-year.
• Operating cash flow of $95 million, up $180 million year-over-year.
• Free cash flow of $88 million, up $186 million year-over-year.
• Increasing guidance for adjusted operating margin to a range of 5.5% to 6.0%, and free cash flow to at least $600 million.

“Over the last 12 months, Xerox has taken significant steps to strengthen its operating and financial discipline, leading to another quarter of profitable growth amid a dynamic macroeconomic backdrop,” said Steve Bandrowczak, chief executive officer at Xerox. “I’m proud of the part all Xerox employees and partners have played in our continued success. An improved operating system leaves us well positioned to pursue growth opportunities as we focus on meeting clients’ evolving needs in today’s hybrid workplace.”

By segment, revenue in Print and Other increased $1 million to $1.674 million in Q2, up 0.1% year-over-year.

Read the full results report here.

Related:

• Xerox Says On Track for a Profitable 2023
• Xerox Makes Acquisition in the UK
• Xerox Appoints New President
• Xerox Shares Plunge 25%

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