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30.07.2019 13:01:48

Xerox beats on profit but lowers full-year revenue forecast

Xerox Corp. topped profit expectations in its second quarter but lowered its revenue outlook for the full year. Shares were inactive in premarket trading Tuesday. The company posted net income of $181 million, or 77 a share, compared with $112 million, or 42 a share, a year earlier. Adjusted earnings per share came in at 99 cents, up from 80 cents in the year-prior period and ahead of the 88-cent FactSet consensus. Revenue fell to $2.29 billion from $2.51 billion and fell just shy of the FactSet consensus, which called for $2.32 billion. Xerox said it has completed $300 million in share buybacks so far this year and intends to spend at least $600 million on repurchases through the end of the year. The company now expects full-year revenue to fall about 6% in constant currency. Xerox previously expected revenue to drop 5% for the full year. Shares have risen 72% so far this year, as the S&P 500 has gained 21%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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