Xerox Reports Healthy Q3
Xerox yesterday announced its third-quarter 2010 results, which includes US$5.4 billion in quarterly revenues, described by the company as a 48 percent increase when compared to the same period last year.
“Building on our solid first-half results, we delivered steady revenue and earnings growth in the third quarter, keeping us on track to close the year strong,” said Ursula Burns, Xerox Chairman and CEO. “As a result, we are raising our guidance for both this year and 2011 to reflect the positive momentum we’re building in the marketplace.
“During the third quarter alone, signings for service contracts grew 26 percent and pro-forma revenue from our BPO offerings was up 8 percent,” continued Burns, “Along with 13 percent growth in equipment sales, this progress fuels our healthy annuity stream for the long term.”
Revenue from technology, representing the sale of document systems, supplies, technical service and financing of products, was up three percent. Total install activity for Xerox equipment was up 20 percent. Revenue from services was up two percent on a pro-forma basis.
Xerox expects 2010 restructuring will be US$120 million more than previously disclosed. According to the company, additional restructuring is related to acquisition synergies, adverse currency and cost-reduction activities. The company also expects free cash flow of US$2.1 billion and US$1 billion in available cash for 2011.
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