Xerox (NASDAQ:XRX) shares shot higher in the first hour of trade Tuesday, as the workplace technology provider beat earnings expectations for the second quarter, posting 44 cents per share excluding items against a 32-cent forecast from analysts polled by FactSet. Quarterly revenue came in line with expectations at $1.75 billion. Xerox also said to expect free cash flow and the adjusted operating margin to be better than previously anticipated for the full year.
GAAP (loss) earnings per share (EPS) were $(0.41), down $0.36 year-over-year. Adjusted EPS of $0.44, up $0.31 year-over-year.
According to CEO Steve Bandrowczak, “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. 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.”
During the second quarter of 2023, the Company recast FITTLE’s segment revenues and profit measures to reflect the recent strategic shift in the Company’s approach to funding FITTLE’s growth through receivable funding agreements that involve the sale of lease receivables. Refer to 2023 Segment Reporting Change for FITTLE’s recast Segment revenues and profits for FY 2022 and Q1 2023.
XRX shares grew $1.13, or 7.3%, to $16.63.
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