Xerox Reports Q1 Increased Earnings
Xerox has announced its first-quarter 2011 results which saw the corporation boost revenues two percent over the same period in 2010.
"Our results in the quarter reflect solid progress in scaling our services business while maintaining our leadership in document technology," said Ursula Burns, Chairman and Chief Executive Officer, Xerox Corporation. "Steady revenue growth and our continued sharp focus on operational improvements resulted in a 28 percent increase in adjusted earnings. It's a good start to the year."
First-quarter gross margin was 33 percent, and selling, administrative and general expenses were 20.5 percent of revenue. On a pro-forma basis, operating margin of 9.1 percent was up nearly one point from first-quarter 2010.
Revenues from equipment and supplies sales was flat compared to the previous year, however, with revenue from services rising five percent, totaling US$3 billion.
"In the past year, we transformed not only our business into a leading player in the services space, but also our business model with growth largely driven from an increasing annuity stream," added Burns. "Multi-year, multimillion dollar services contracts generate long-term revenue. And, we fueled this annuity in the first quarter through growth in both services revenue and signings while building a strong pipeline for future business.
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