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Xerox swings to loss on litigation charge
SAN FRANCISCO — Xerox Corp. on Friday said it swung to a first-quarter loss because of a hefty litigation charge, but the printer and copy machine giant still managed to match Wall Street targets on an adjusted basis.Xerox CorporationNorwalk, Conn.-based Xerox posted a loss of $244 million, or 27 cents a share, vs. a profit of $233 million, or 24 cents a share, a year earlier. Excluding the 54-cent per-share charge, earnings would have come in at 27 cents a share.Revenue rose 13% to $4.34 billion from $3.84 billion a year ago, thanks mainly to the company’s move to sell more color printers. Sales from color grew 13% and now represent 40% of overall revenue, an increase of 3 percentage points.Analysts polled by Thomson Financial were looking for a profit, on average, of 27 cents a share on revenue of $4.24 billion.The expected charge stemmed from its settlement of a $670 million securities lawsuit. The company announced in late March that it would take a $491 million charge to cover the settlement and set aside a reserve for other pending securities cases.Xerox said it expects to report a second-quarter profit of 23 cents to 25 cents a share, including a 5-cent restructuring charge. The company’s range is mostly in line with analyst targets for the quarter.
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