Xerox beats by $0.01, misses on revs; guides Q4 EPS in-line; Board authorizes review of business portfolio and capital allocation options
- Reports Q3 (Sep) earnings of $0.24 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.23; revenues fell 7.2% year/year to $4.45 bln vs the $4.55 bln Capital IQ Consensus.
- Co issues in-line guidance for Q4, sees EPS of $0.28-0.30, excluding non-recurring items, vs. $0.29 Capital IQ Consensus Estimate.
- Xerox expects full-year 2015 cash flow from operations of $1.6 to $1.7 billion and free cash flow from operations of $1.3 to $1.4 billion.
- Board of Directors has authorized a review of the company's business portfolio and capital allocation options, with the goal of enhancing shareholder value.
- "Xerox's Board of Directors and management team continually review the company's strategy and consider a range of opportunities regarding our businesses and operations with the goal of maximizing value for shareholders," said Ursula Burns, Xerox Chairman and Chief Executive Officer. "Although we already have taken steps to accelerate cost reductions and prioritize investments to drive improved productivity and higher margins, our Board determined that undertaking a comprehensive review of structural options for the company's portfolio is the right decision at this time."