XEROX POST 53% PROFIT DROP IN 3RD Q/2007

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XEROX POST 53% PROFIT DROP IN 3RD Q/2007

 user 2007-10-22 at 11:22:00 am Views: 59
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    Xerox Posts Drop in 3rd-Quarter Profit
    STAMFORD, Conn. – Xerox  Inc. reported a 53 percent drop in profit for the third quarter on Friday from results boosted by a tax gain a year ago, but both earnings and sales beat Wall Street expectations on strong demand for its color printers and office services.The office equipment maker earned $254 million, or 27 cents per share, for the quarter ended Sept. 30 from $536 million, or 54 cents per share, a year ago. The 2006 figures included a tax gain of 45 cents a share partly offset by restructuring and litigation charges of 14 cents per share.The latest results were better than the 26 cents a share profit expected by analysts surveyed by Thomson  Financial.Revenue grew 12 percent to $4.3 billion from $3.84 billion a year ago, helped by the weaker dollar, rising post-sale and financing revenue, and contributions from the acquisition of Global Imaging Systems.Post-sale and financing revenue are annuity streams that together represent more than 70 percent of Xerox’s total revenue.Analysts expected total revenue of $4.24 billion.”This quarter’s solid results are proof positive that our business model is on track, generating double-digit profit growth and fueling a strong annuity pipeline that serves us well for the long term,” said Anne M. Mulcahy, Xerox chairman and chief executive Xerox expects fourth-quarter earnings in the range of 39 cents to 41 cents per share, and full-year earnings of $1.18 to $1.20. Wall Street has forecast quarterly profit of 41 cents per share and fiscal 2007 earnings of $1.18.The purchase of Tampa, Fla.-based Global Imaging was intended to give Xerox access to about 200,000 new customers and increase its U.S. distribution to small- and mid-sized customers.