Xerox Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported total revenues of $4,653 million compared with $5,033 million for the same period a year ago. Income before income taxes & equity income was $310 million compared with $348 million for the same period a year ago. Income from continuing operations was $290 million or $0.27 per diluted share compared with $355 million or $0.30 per diluted share for the same period a year ago. Income from continuing operations attributable to Xerox was $285 million compared with $349 million for the same period a year ago. Net income attributable to Xerox was $285 million or $0.27 per diluted share compared with $200 million or $0.17 per diluted share for the same period a year ago. Net cash provided by operating activities was $878 million compared with $857 million for the same period a year ago. Cost of additions to land, buildings and equipment was $60 million compared with $91 million for the same period a year ago. Cost of additions to internal use software was $20 million compared with $23 million for the same period a year ago. Fourth quarter 2015 total revenues decreased 8% as compared to fourth quarter 2014, with a 3% point negative impact from currency. The negative impact from currency reflects the significant weakening of its major foreign currencies against the U.S. Dollar as compared to prior year. Adjusted net income was $333 million or $0.32 per share compared with $357 million or $0.31 per share for the same period a year ago. Adjusted pre-tax income was $387 million compared with $431 million for the same period a year ago. Adjusted operating income was $428 million against $524 million a year ago.

For the full year, the company reported total revenues of $18,045 million compared with $19,540 million for the same period a year ago. Income before income taxes & equity income was $412 million compared with $1,206 million for the same period a year ago. Income from continuing operations was $570 million or $0.49 per diluted share compared with $1,151 million or $0.94 per diluted share for the same period a year ago. Income from continuing operations attributable to Xerox was $552 million compared with $1,128 million for the same period a year ago. Net income attributable to Xerox was $488 million or $0.43 per diluted share compared with $1,013 million or $0.85 per diluted share for the same period a year ago. Net cash provided by operating activities was $1,611 million compared with $2,063 million for the same period a year ago. Cost of additions to land, buildings and equipment was $251 million compared with $368 million for the same period a year ago. Cost of additions to internal use software was $91 million compared with $84 million for the same period a year ago. Adjusted net income was $1,076 million or $0.98 per share compared with $1,280 million or $1.07 per share for the same period a year ago. Adjusted pre-tax income was $1,257 million compared with $1,521 million for the same period a year ago. Adjusted operating income was $1,530 million against $1,881 million a year ago. CapEx was $80 million.

The company provided earnings guidance for the first quarter and full year of 2016. For the first quarter of 2016, the company expects GAAP earnings of 5 to 8 cents per share and adjusted EPS of 21 to 24 cents per share.

For the full year of 2016, the company expects to report GAAP earnings of $0.66 to $0.76 per share. In 2016 the company plans to revise its calculation of adjusted EPS to exclude restructuring, certain retirement related costs as well as separation and related costs in addition to the amortization of intangibles. Based on this revised calculation, full-year 2016 adjusted EPS guidance is expected to be $1.10 to $1.20 per share. The company expects to generate operating cash flow of $1.3 to $1.5 billion and free cash flow of $1.0 to $1.2 billion in 2016 and capex at $0.3 billion.