Xerox reports Q3 adjusted EPS 25c, consensus 51c

Reports Q3 revenue $1.53B, consensus $1.63B. “While equipment revenue fell short of expectations, we continue to see steady progress from Reinvention initiatives taken to date. Adjusted operating income and margin grew year-over-year, and the pending acquisition of ITsavvy will improve Xerox’s (XRX) value proposition with clients, as well as the mix of revenue from growing businesses,” said CEO Steve Bandrowczak. “Q3 results demonstrate no single quarter or performance metric in isolation defines our Reinvention. Operational improvements and enterprise-wide efficiencies are driving services signings momentum, improved decision-making and a sustainably lower cost base. These gains give us confidence Reinvention will enable long-term profitable growth as we continue this multi-year journey.”