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Xerox Reports Q2 Results
Jul 23, 2004
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Business appliance maker Xerox Corporation announced second-quarter earnings of U.S. $0.21 cents per share that reflect the company's operational performance. Services-led offerings for large enterprises generated major wins in the quarter while continued strength in color technology and monochrome light production systems contributed to equipment sales growth. The company also said it is raising its full-year earnings expectations.

With technology investments fueling equipment sales, the company said that about two-thirds of all equipment sales in the second quarter came from products launched in the past 2 years.

Equipment sales grew about 5 percent in the second quarter, and total revenue was U.S. $3.9 billion, down 2 percent from the second quarter 2003. Revenue growth continued to be impacted by post-sale revenue declines from the company's older light-lens technology. In addition, weak performance in Latin America significantly impacted post-sale and total revenue.

Second-quarter revenue from the company's office digital, production digital, and value-added services segments grew 4 percent year-over-year and represents about 73 percent of the company's revenue.

Commenting on the third quarter, Anne M. Mulcahy, Xerox chairman and CEO said she expects earnings in the range of $0.11 to $0.15 cents per share, citing continued equipment sale growth and increased revenue in key markets.

"This earnings performance and strong demand for Xerox's new technology and value-added services give us the confidence to raise our full-year earnings expectations to $0.80 to $0.84 cents per share, up from earlier expectations of $0.67 to $0.72 cents per share," Ms. Mulcahy said.

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