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Xerox Corp. Monday forecast 2004 earnings below analysts’ average estimate.
The Stamford, Connecticut, company, Which has been trying to win Back investor confidence after a period of scandal and losses, also said it still expects full-year 2003 profit below the average Wall Street forecast.
Xerox officials said at an investor conference that the company expects 2004 earnings of 67 cents to 72 cents per share on flat revenue. The average forecast among eight analysts is 74 cents, with estimates ranging from 65 cents to 80 cents, according to Reuters Research, a unit of Reuters Group Plc.
For the full year 2003, Xerox repeated an Oct. 23 forecast that profit would be 50 cents to 55 cents a share. Analysts’ average estimate is 56 cents, within a range of 53 cents to 60 cents, according to Reuters Research.
Analysts’ average forecast for the fourth quarter is 16 cents a share.
Analysts expect revenue to be lower in the fourth quarter and for the full year. They expect revenue of $15.6 billion in 2003 and $15.67 billion in 2004.
For 2005, Xerox said it expects earnings of 90 cents to $1 per share and revenue growth of 5 percent.
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