Xerox (XRX) Misses Q3 Revenues, Earnings in-Line

With operations in more than 180 countries, Xerox CorporationXRX is a leader in the development, manufacture, marketing, servicing and financing of document equipment globally. Headquartered in Norwalk, CT, this century-old firm has helped organizations transform the way they manage their business processes and information.

XRX has beaten earnings estimates thrice in the last four quarters, making for an average positive surprise of 8.77%. However, quite like its peers in the document industry, XRX is increasingly grappling with decreased demand for paper-related systems and products. With rising competition gradually weighing on margins, investors have been eagerly waiting for the company's latest earnings report.

Currently, XRX has a Zacks Rank #3 (Hold), but that could definitely change following its third-quarter 2016 earnings report which was just released.

We have highlighted some of the key stats from this just-revealed announcement below:

Earnings: XRX reported in-line earnings. Our consensus called for EPS of 27 cents per share, and the company reported adjusted EPS of 27 cents per share.

Revenues: Revenues missed. XRX posted revenues of $4,212 million, compared to our consensus estimate of $4,315 million.

XEROX CORP Price and EPS Surprise

XEROX CORP Price and EPS Surprise | XEROX CORP Quote

Key Stats: Xerox continued its progress toward the planned separation and remains on track to complete it by year end. During the quarter, Services segment revenue was flat, while Document Technology revenue was down 9% from the prior year. The company reaffirms it 2016 guidance.

Stock Price: Shares prices fell in pre-market trading following the earnings release at the time of writing.

Check back later for our full write up on this XRX earnings report later!

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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