Xerox Delivers EPS Growth and Margin Expansion, Raises 2019 EPS Guidance

NORWALK, Conn., April 25, 2019 – Today Xerox (NYSE: XRX) announced its first-quarter 2019 financial results.

“Our transformation initiatives are yielding results, which give us confidence to raise our full-year earnings guidance despite revenue declines. We are investing in our core business as well as new technologies that create value for our stakeholders and position us for long-term growth,” said Xerox Vice Chairman and CEO John Visentin.

First-Quarter 2019 Financial Highlights:

• GAAP earnings per share (EPS) of $0.55, up $0.47 year-over-year, and adjusted EPS of $0.91, up $0.23 year-over-year
• $226 million of operating cash flow, up $10 million year-over-year, and $211 million of free cash flow, up $13 million year-over-year
• Adjusted operating margin of 11.3%, up 140 basis points year-over-year
• $2.2 billion of revenue in the quarter, a decrease of 9.4% year-over-year or 7% percent in constant currency
• Raising 2019 guidance for GAAP EPS to $2.90 to $3.05 and adjusted EPS to $3.80 to $3.95. Prior guidance was $2.60 to $2.70 and $3.70 to $3.80, respectively.

See the full release.