Xerox To Buyback $500 million Worth Of Share In 2014

[Anonymous]

Xerox To Buyback $500 million Worth Of Share In 2014
By Ben Fox

 Xerox Corp.'s XRX -0.32% board approved a $500 million increase to its repurchase program, bringing its current authorization to about $1.5 billion.

The company, which is holdings its annual investor conference Tuesday, added it expects to allocate at least $500 million for stock buybacks next year, and anticipates spending up to $500 million on acquisitions and $300 million on dividends.

Xerox has been working to refashion itself into a company focused on services like document management, bill processing and information technology outsourcing. The transition has been bumpy, however, as Xerox balances falling sales of printers and copiers with the high cost of growing its services business.

The company said Tuesday that 56% of its revenue now comes from services, compared with more than 50% of revenue a year earlier. Xerox reiterated its plans to reach about 66% revenue from services by 2017.

Xerox To Buyback $500 million Worth Of Share In 2014
By Ben Fox

 Xerox Corp.'s XRX -0.32% board approved a $500 million increase to its repurchase program, bringing its current authorization to about $1.5 billion.

The company, which is holdings its annual investor conference Tuesday, added it expects to allocate at least $500 million for stock buybacks next year, and anticipates spending up to $500 million on acquisitions and $300 million on dividends.

Xerox has been working to refashion itself into a company focused on services like document management, bill processing and information technology outsourcing. The transition has been bumpy, however, as Xerox balances falling sales of printers and copiers with the high cost of growing its services business.

The company said Tuesday that 56% of its revenue now comes from services, compared with more than 50% of revenue a year earlier. Xerox reiterated its plans to reach about 66% revenue from services by 2017.

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November 14, 2013 at 12:15 PM